Simple Interest

Flashcard
•
Mathematics
•
7th Grade
•
Hard
Standards-aligned
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15 questions
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1.
FLASHCARD QUESTION
Front
What is Simple Interest?
Back
Simple Interest is the interest calculated on the principal amount only, without compounding. It is given by the formula I = P * r * t, where I is the interest, P is the principal, r is the rate of interest per year, and t is the time in years.
Tags
CCSS.7.RP.A.3
2.
FLASHCARD QUESTION
Front
How do you convert months to years?
Back
To convert months to years, divide the number of months by 12.
Tags
CCSS.4.MD.A.1
3.
FLASHCARD QUESTION
Front
What is the formula for calculating Simple Interest?
Back
The formula for calculating Simple Interest is I = P * r * t.
Tags
CCSS.7.RP.A.3
4.
FLASHCARD QUESTION
Front
If Jenna borrowed $5,000 for 3 years and paid $1,350 in interest, what was her interest rate?
Back
Jenna's interest rate was 9%.
Tags
CCSS.7.RP.A.3
5.
FLASHCARD QUESTION
Front
How much total will Emilio have to pay back after borrowing $1200 at 8.5% interest for 2 years?
Back
Emilio will have to pay back a total of $1404.
Tags
CCSS.7.RP.A.3
6.
FLASHCARD QUESTION
Front
What does 'Principal' mean in the context of Simple Interest?
Back
Principal is the initial amount of money borrowed or invested before interest.
Tags
CCSS.7.RP.A.3
7.
FLASHCARD QUESTION
Front
What is the meaning of 'Interest Rate'?
Back
The interest rate is the percentage of the principal charged as interest for a specific period, usually expressed annually.
Tags
CCSS.7.RP.A.3
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