Simple Interest

Front

The simple interest formula is I = Prt. The P represents the principle. The principle is ___________________.

Back

the amount of money borrowed or deposited

Front

If you are calculating the simple interest and you are given the time in months, how can you find the time in years?

Back

Divide the months by 12

Front

Write the decimal as a percent: 0.37

Back

37%

Front

Write the percent as a decimal: 4.3%

Back

0.043

Front

The simple interest formula is I = Prt. What does the t represent?

Back

Time, in years

Front

What is the formula for calculating simple interest?

Back

I = Prt

Front

If the principal is $1000, the rate is 5%, and the time is 3 years, what is the simple interest?

Back

$150

Front

Convert 5% to a decimal.

Back

0.05

Front

Convert 0.25 to a percent.

Back

25%

Front

What does the 'r' in the simple interest formula I = Prt represent?

Back

The rate of interest per year