Simple Interest

Front

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

Back

$26.25

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

Front

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

Back

$1,200

Front

The principle in the simple interest formula I=Prt

Back

the amount of money borrowed or deposited

Front

Convert the rate given as a percent (%) to a ______ before using it in the simple interest formula.

Back

decimal

Front

Javon has a credit card with a $1,583 balance and an interest rate of 8.8%. How much interest does he owe after 3 years if he does not make any payments?

Back

$417.91

Front

You borrowed 43,800 at a SIMPLE interest rate of 4.8%. If you pay it back in 2 years, how much interest is paid back?

Back

$4204.8

Front

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

Back

Time

Front

How to convert time in months to years for simple interest calculation? Options: divide 12 by the months, divide the months by 12, multiply 12 times the months, change the months to a decimal

Back

divide the months by 12

Front

Convert 7.25% to a decimal.

Back

0.0725