What is Simple Interest?
Simple Interest

Flashcard
•
Mathematics
•
7th - 8th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Back
Simple Interest is the interest calculated on the principal amount only, without compounding. It is calculated using the formula: Simple Interest = Principal × Rate × Time.
2.
FLASHCARD QUESTION
Front
What is the formula for calculating Simple Interest?
Back
The formula for calculating Simple Interest is: SI = P × R × T, where SI is Simple Interest, P is the principal amount, R is the rate of interest (in decimal), and T is the time (in years).
3.
FLASHCARD QUESTION
Front
If a customer deposits $1,500 at an interest rate of 3% for 5 years, how much interest will they earn?
Back
Interest = 1500 × 0.03 × 5 = $225.
4.
FLASHCARD QUESTION
Front
What is the total amount in the account after earning Simple Interest?
Back
Total Amount = Principal + Simple Interest.
5.
FLASHCARD QUESTION
Front
If Elena borrows $2,000 at 5% for 3 years, how much interest does she pay?
Back
Interest = 2000 × 0.05 × 3 = $300.
6.
FLASHCARD QUESTION
Front
How do you calculate the total repayment amount for a loan?
Back
Total Repayment = Principal + Interest.
7.
FLASHCARD QUESTION
Front
What is the interest earned on $90 at 5% for 1 year?
Back
Interest = 90 × 0.05 × 1 = $4.50.
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