Simple interest 2022

Front

What is the formula for calculating simple interest?

Back

Simple Interest (SI) = Principal (P) × Rate (R) × Time (T) / 100

Front

If the principal is $34,100, the rate is 4%, and the time is 3 years, what is the simple interest?

Back

$4,092

Front

How do you convert a percentage to a decimal?

Back

Divide the percentage by 100. For example, 4% becomes 0.04.

Front

What is the sale price of an item that costs $174 with a 40% discount?

Back

$104.40

Front

If an item costs $75 and has a 20% discount, what is the final price?

Back

$60.00

Front

What does 'principal' mean in the context of simple interest?

Back

Principal is the initial amount of money invested or borrowed.

Front

What is the meaning of 'rate' in simple interest calculations?

Back

Rate is the percentage of interest charged or earned on the principal.

Front

What does 'time' refer to in the simple interest formula?

Back

Time refers to the duration for which the money is invested or borrowed, usually in years.

Front

If you save $5.50 on an item that costs $22.00 after a 25% discount, what is the discount rate?

Back

25%.

Front

How do you calculate the discount amount on an item?

Back

Discount Amount = Original Price × Discount Rate.