Simple Interest (i = prt)

Front

What is Simple Interest?

Back

Simple Interest is the interest calculated on the principal amount only, without compounding. It is calculated using the formula: I = PRT, where I is the interest, P is the principal, R is the rate of interest, and T is the time in years.

Front

What is the formula for calculating Simple Interest?

Back

The formula for calculating Simple Interest is I = PRT.

Front

If you borrow $6500 at an interest rate of 8% for 5 years, how much interest will you pay?

Back

The interest paid will be $2600.

Front

What is the total amount to be paid back if the principal is $6500, the interest is $2600?

Back

The total amount to be paid back is $9100.

Front

How do you calculate the total amount after interest is added?

Back

Total Amount = Principal + Interest.

Front

If you start with $350 and earn 2.5% interest over 3 years, how much interest do you earn?

Back

You earn $26.25 in interest.

Front

What is the interest earned on a principal of $800 at 3.5% for 6 months?

Back

The interest earned is $14.

Front

If Ann puts $300 in a bank account earning 4% interest, how much interest will she earn in 1 year?

Back

Ann will earn $12 in interest.

Front

What is the principal amount if you lend $240 and receive $270 back after 1 year?

Back

The principal amount is $240.

Front

What is the interest rate if you lend $240 and receive $270 back after 1 year?

Back

The interest rate charged is 12.5%.