Simple Interest

Front

What does the T represent in the simple interest formula I=PRT?

Back

Time

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

Percentage rate

Front

The rate is given as a percent (%). Before using it in the formula, you have to convert the % to a ______. Options: Fraction, Decimal, Ratio, Dollar Amount.

Back

Decimal

Front

Write the percentage as a decimal 37%

Back

.37

Front

Principal = $500

Interest Rate = 5%

Time = 5 years

What is the interest earned?

Back

$125

Front

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

Back

$1,440

Front

Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.

Back

$800

Front

$2500 at 5% interest for 12 years. What is the ending balance?

Back

$4000

Front

Gregory borrows $1200 from a bank with 8% simple interest per year. What is the ending balance after 2 years?

Back

$1392