What is Simple Interest?
3.6 Simple Interest Problems

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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: 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 Principal, R is Rate (as a decimal), and T is Time (in years).
3.
FLASHCARD QUESTION
Front
If you invest $1,000 at a 5% simple interest rate for 3 years, how much interest will you earn?
Back
You will earn $150 in interest. (SI = 1000 × 0.05 × 3 = $150)
4.
FLASHCARD QUESTION
Front
What is the principal amount if the simple interest earned in 4 years at a rate of 2% is $80?
Back
The principal amount is $1,000. (P = SI / (R × T) = 80 / (0.02 × 4))
5.
FLASHCARD QUESTION
Front
How do you convert a percentage rate to a decimal for calculations?
Back
To convert a percentage to a decimal, divide the percentage by 100. For example, 8% becomes 0.08.
6.
FLASHCARD QUESTION
Front
What is the total amount to be paid back if you borrow $500 at a 6% simple interest rate for 5 years?
Back
The total amount to be paid back is $630. (Total = Principal + Interest = 500 + (500 × 0.06 × 5))
7.
FLASHCARD QUESTION
Front
How do you find the interest rate if you know the principal, interest earned, and time?
Back
You can find the interest rate using the formula: R = SI / (P × T).
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