Simple Interest Practice

Simple Interest Practice

Assessment

Flashcard

Mathematics

7th Grade

Hard

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

What is the formula for calculating simple interest?

Back

I = P * r * t, where I is interest, P is principal, r is rate, and t is time.

2.

FLASHCARD QUESTION

Front

In the simple interest formula I = P * r * t, what does 'P' represent?

Back

P represents the principal, which is the initial amount of money invested or borrowed.

3.

FLASHCARD QUESTION

Front

In the simple interest formula I = P * r * t, what does 'r' represent?

Back

r represents the rate of interest, expressed as a decimal.

4.

FLASHCARD QUESTION

Front

In the simple interest formula I = P * r * t, what does 't' represent?

Back

t represents the time the money is invested or borrowed, typically in years.

5.

FLASHCARD QUESTION

Front

If Tina invested $2,000 at an 8% interest rate for 5 years, how much interest did she earn?

Back

$800

6.

FLASHCARD QUESTION

Front

If Emilio borrows $1,200 at an 8.5% interest rate for 2 years, what will be the total amount he has to pay back?

Back

$1,404

7.

FLASHCARD QUESTION

Front

You lend $240 to a friend and he pays you back $270. What is the interest rate charged?

Back

12.5%.

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