Lessons 2-6 Flashcard Review

Front

What is simple interest?

Back

Simple interest is calculated using the formula: I = P * r * t, where I is the interest, P is the principal amount, r is the rate of interest per year, and t is the time in years.

Front

How do you calculate the total amount in a simple interest account after a certain period?

Back

Total Amount = Principal + Interest, where Interest is calculated using the formula I = P * r * t.

Front

What is the formula for calculating percentage increase?

Back

Percentage Increase = ((New Value - Original Value) / Original Value) * 100.

Front

If Liza sold her kayak for $90 after buying it for $75, what was her percentage increase?

Back

20% increase.

Front

What is the principal in a simple interest problem?

Back

The principal is the initial amount of money that is invested or loaned.

Front

What does the term 'rate' refer to in the context of interest?

Back

The rate is the percentage at which interest is calculated on the principal.

Front

How do you solve for x in a linear equation?

Back

Isolate x on one side of the equation using algebraic operations.

Front

What is the total amount in a college fund account after 18 years if $8,000 is invested at 9% simple interest?

Back

$20,960.

Front

What is the simple interest earned on a principal of $2,000 at an 8% rate for 5 years?

Back

$800.

Front

What is the value of x if the equation is x + 5 = 15?

Back

x = 10.