Simple Interest

Front

The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a ______.

Back

decimal

Front

The principle in the simple interest formula I = Prt is:

Back

the amount of money borrowed or deposited

Front

Ann puts $300 in a bank account earning 4% interest. How much will she earn in interest in 1 year?

Back

$12

Front

How to convert time from months to years for simple interest calculation?

Back

Divide the months by 12

Front

The simple interest formula is I = Prt. What does the t represent?

Back

Time, in years

Front

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

Back

$120

Front

Convert 18 months to years.

Back

1.5 years

Front

0.37 (Write as a percent)

Back

37%

Front

4.3% as a decimal

Back

0.043

Front

The Principal and Interest are always ___________.

Back

money