simple Interest

Front

What does the P in I = PRS mean?

Back

Principal

Front

What is the formula for calculating simple interest?

Back

I = PRT (Interest = Principal x Rate x Time)

Front

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

Back

$150

Front

Convert 5% to a decimal.

Back

.05

Front

What is the time in years for 24 months?

Back

2 Years

Front

If Jenna borrowed $5,000 for 3 years and paid $1,350 in interest, what was her rate of interest?

Back

9%

Front

What is the interest earned on a principal of $200 at a rate of 5% over 2 years?

Back

$20

Front

What does the R in I = PRT represent?

Back

Rate of interest (as a decimal)

Front

What does the T in I = PRT represent?

Back

Time (in years) for which the money is borrowed or invested

Front

If you invest $1,000 at a 4% interest rate for 5 years, how much interest will you earn?

Back

$200