What is Simple Interest?
Simple Interest Practice

Flashcard
•
Mathematics
•
7th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Simple Interest is the interest calculated on the principal amount only, without compounding. It can be calculated using the formula: Interest = Principal × Rate × Time.
2.
FLASHCARD QUESTION
Front
What is the formula for calculating Simple Interest?
Back
The formula for calculating Simple Interest is: Interest = Principal × Rate × Time.
3.
FLASHCARD QUESTION
Front
If you borrow $1,000 at an interest rate of 5% for 3 years, how much interest will you pay?
Back
Interest = $1,000 × 0.05 × 3 = $150.
4.
FLASHCARD QUESTION
Front
How do you calculate the total amount to be paid back on a loan with Simple Interest?
Back
Total Amount = Principal + Interest.
5.
FLASHCARD QUESTION
Front
If you have $200 in a savings account that earns 4% interest annually, how much interest will you earn in 1 year?
Back
Interest = $200 × 0.04 × 1 = $8.
6.
FLASHCARD QUESTION
Front
What is the principal in a Simple Interest calculation?
Back
The principal is the initial amount of money borrowed or invested before interest.
7.
FLASHCARD QUESTION
Front
How do you convert a percentage to a decimal for calculations?
Back
To convert a percentage to a decimal, divide by 100. For example, 5% becomes 0.05.
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