What is Simple Interest?
Simple Interest

Flashcard
•
Mathematics
•
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 given by the formula I = PRT, where I is the interest, P is the principal, R is the rate of interest per year, and T is the time in years.
2.
FLASHCARD QUESTION
Front
What is the formula for calculating Simple Interest?
Back
The formula for calculating Simple Interest is I = PRT.
3.
FLASHCARD QUESTION
Front
If the principal is $10,000, the rate is 7%, and the time is 20 years, what is the interest?
Back
The interest is $14,000.
4.
FLASHCARD QUESTION
Front
How do you calculate the total amount to be paid back after borrowing money with Simple Interest?
Back
Total Amount = Principal + Interest.
5.
FLASHCARD QUESTION
Front
If Emilio borrows $1,200 at 8% interest for 2 years, how much will he pay back in total?
Back
He will pay back $1,392.
6.
FLASHCARD QUESTION
Front
What is the principal in a Simple Interest calculation?
Back
The principal is the initial amount of money that is invested or borrowed.
7.
FLASHCARD QUESTION
Front
What does the rate in Simple Interest represent?
Back
The rate represents the percentage of interest charged or earned per year.
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