What is an interest rate?
Lesson 20/21 Major - Lab

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•
Mathematics
•
7th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
An interest rate is the percentage of a loan amount that a lender charges a borrower for the use of their money, typically expressed as an annual percentage.
2.
FLASHCARD QUESTION
Front
Why is a low interest rate preferable for a mortgage?
Back
A low interest rate means lower monthly payments and less total interest paid over the life of the loan, making it more affordable.
3.
FLASHCARD QUESTION
Front
How do you calculate simple interest?
Back
Simple interest can be calculated using the formula: Interest = Principal x Rate x Time.
4.
FLASHCARD QUESTION
Front
If you borrow $1200 at an 8% interest rate for 2 years, how much total will you pay back?
Back
$1392.
5.
FLASHCARD QUESTION
Front
What is the principal in a loan?
Back
The principal is the original sum of money borrowed or invested, excluding any interest or fees.
6.
FLASHCARD QUESTION
Front
What does a discount percentage mean in shopping?
Back
A discount percentage indicates how much the original price is reduced, allowing customers to pay less.
7.
FLASHCARD QUESTION
Front
If a pair of jeans is originally $50 and is on sale for 35% off, what is the sale price?
Back
The sale price is $32.50.
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