Lesson 20/21 Major - Lab

Front

What does the 'r' represent in the simple interest formula I=Prt?

Back

Rate

Front

What does the 'I' represent in the simple interest formula I=Prt?

Back

Interest

Front

How do you convert 8% to a decimal?

Back

.08

Front

How can you find the time in years if given the time in months?

Back

Divide the months by 12.

Front

What is the formula for calculating simple interest?

Back

I = Prt, where I is interest, P is principal, r is rate, and t is time.

Front

What is the principal in the context of simple interest?

Back

The principal is the initial amount of money invested or borrowed.

Front

If you have a principal of $1000 and a rate of 5% for 3 years, what is the simple interest?

Back

$150.

Front

What is percent error?

Back

Percent error is the difference between the estimated value and the actual value, divided by the actual value, multiplied by 100.

Front

If an archaeologist estimated a fossil to be 520 years old and it was actually 500 years old, what is the percent error?

Back

4%.

Front

What is the formula to convert a percentage to a decimal?

Back

Divide the percentage by 100.