Simple Interest

Front

In the simple interest formula I=Prt, what does t represent?

Back

Time, in years

Front

What does the "I" in the interest formula stand for? Options: Principal, Interest, Rate, Time

Back

Interest

Front

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

Back

Principal

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

Write the percent as a decimal: 4.3%

Back

.043

Front

Write the percent as a decimal: 5%

Back

.05

Front

Write the percent as a decimal: 3.25%

Back

.0325

Front

Tina invested $2,000 in a simple interest account at 8% for 5 years. What is the interest earned?

Back

$800

Front

Emilio borrows $1200 from a bank with 8.5% simple interest per year. How much will he have to pay back total in 2 years?

Back

$1,404