Calculating Simple Interest

Front

Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?

Back

$1392

Front

Principal = $500
Interest rate =5%
Time = 5 years
What is the interest earned?

Back

125

Front

Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?

Back

$120

Front

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

Back

Time, in years

Front

Convert 18 months to years.

Back

1.5 Years

Front

Write the decimal as a percent: 0.37

Back

37%

Front

What does the "I" in the interest formula stand for?

Back

Interest

Front

What does the "r" in the interest formula stand for?

Back

rate

Front

Convert the rate given as a percent (%) to a ______ before using it in the simple interest formula.

Back

decimal

Front

The principle in the simple interest formula I=Prt is

Back

the amount of money borrowed or deposited