Simple interest

Flashcard
•
Mathematics
•
7th - 11th Grade
•
Hard
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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 calculated using the formula I = P * r * t.
2.
FLASHCARD QUESTION
Front
What does the variable 'P' represent in the simple interest formula I = P * r * t?
Back
'P' represents the Principal amount, which is the initial sum of money borrowed or invested.
3.
FLASHCARD QUESTION
Front
What does the variable 'r' represent in the simple interest formula I = P * r * t?
Back
'r' represents the rate of interest, expressed as a decimal.
4.
FLASHCARD QUESTION
Front
What does the variable 't' represent in the simple interest formula I = P * r * t?
Back
't' represents the time the money is borrowed or invested, typically measured in years.
5.
FLASHCARD QUESTION
Front
Calculate the simple interest for a principal of $500 at a rate of 4% for 5 years.
Back
I = P * r * t = 500 * 0.04 * 5 = $100.
6.
FLASHCARD QUESTION
Front
If you have a principal of $1000 and an interest rate of 3% for 2 years, how much interest will you earn?
Back
I = P * r * t = 1000 * 0.03 * 2 = $60.
7.
FLASHCARD QUESTION
Front
What is the total amount to be paid back if you borrow $800 at 5% simple interest for 3 years?
Back
Total Amount = Principal + Interest = 800 + (800 * 0.05 * 3) = $800 + $120 = $920.
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