Simple Interest, Taxes, Tips, and Commissions

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

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

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

Back

12

Front

Write the percent as a decimal: 43%

Back

.43

Front

Convert 7.25% to a decimal.

Back

0.0725

Front

A bank is offering 2.5% simple interest on a savings account. If you deposit $5,000, what will be the total amount of money in your savings account after three years?

Back

$5,375

Front

Sarah borrowed $18,000 for 4 years at an annual simple interest rate of 7%. What is the total amount she will repay for the car loan?

Back

$23,040

Front

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

Back

$1,200

Front

What is 0.02 as a percent?

Back

2%