Simple Interest

Front

It is a charged on the amount invested (or borrowed) on which the interest charge is calculated only on the principal.

Back

Simple Interest

Front

What is the formula to calculate simple interest?

Back

I=Prt

Front

What is the formula for finding the maturity value?

Back

A=P(1+rt)

Front

Ariel takes a loan of 8,000 at 9% simple interest. Calculate the annual interest.

Back

720

Front

Steve invested 10,000 in a savings bank account that earned 2% simple interest for 4 years. Find the interest earned.

Back

800

Front

In the formula, I= Prt, what is r?

Back

Rate of Interest

Front

What does the t represent in the simple interest formula I = Prt? Options: Time, Interest, Travel, Percent Rate

Back

Time

Front

What is not used to find simple interest? Options: Principal, Rate of Interest, Time, Future Value

Back

Future Value

Front

Rate of interest must be converted into ________ before substituting to the formula of finding the interest. Options: Fraction, Decimals, Mixed numbers, Percentage

Back

Decimals

Front

Find I if P=62,300, r=5.25%, t=14.

Back

45790.50