What is the formula for calculating Simple Interest?
Simple and Compound Interest

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•
Mathematics
•
8th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
I = P * R * T, where I is the interest, P is the principal amount, R is the rate of interest per year, and T is the time in years.
2.
FLASHCARD QUESTION
Front
What does 'P' represent in the Simple Interest formula?
Back
P represents the principal amount, which is the initial sum of money invested or loaned.
3.
FLASHCARD QUESTION
Front
What does 'R' stand for in the Simple Interest formula?
Back
R stands for the rate of interest, expressed as a decimal.
4.
FLASHCARD QUESTION
Front
What does 'T' represent in the Simple Interest formula?
Back
T represents the time the money is invested or borrowed for, measured in years.
5.
FLASHCARD QUESTION
Front
How do you convert a decimal to a percent?
Back
Multiply the decimal by 100 and add a percent sign. For example, 0.37 becomes 37%.
6.
FLASHCARD QUESTION
Front
How do you convert a percent to a decimal?
Back
Divide the percent by 100. For example, 4.3% becomes 0.043.
7.
FLASHCARD QUESTION
Front
What is Compound Interest?
Back
Compound interest is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods.
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