Simple Interest Flashcard

Front

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

Back

Interest

Front

The Principal and Interest are always___________. Options: fraction, decimal, percent, dollar amount

Back

dollar amount

Front

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

Back

rate

Front

The principle in the simple interest formula I=Prt

Back

the amount of money borrowed or deposited

Front

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

Back

Time

Front

Starting money = $350.
Interest rate = 2.5%
Time = 3 years.
How much interest?

Back

$26.25

Front

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

Back

$1,200

Front

Principal = $800
Interest Rate = 3.5%
Time = 6 months
Find the interest earned.

Back

14

Front

You have $3600 that you invest at 4% simple interest. How much would the balance be after 7 years?

Back

4608

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