Simple Interest_Essential Math

Front

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

Back

$26.25

Front

If you are calculating the simple interest and you are given the time in months, how can you find the time in years?

Back

divide the months by 12

Front

How do you calculate the balance in an account, with interest?

Back

Add the interest to the principle amount

Front

Christian opened a savings account with $3250. His account will earn 5.2% simple interest. How much money will be in his account after 6 years?

Back

$4,264.00

Front

Philip has $300,000 in his retirement account, which earns 2.89% interest per year. How much money will he have in his account after 39 months?

Back

$328,177.50

Front

Interest paid: $3,000 on a 60-month loan of $32,000. What was the interest rate? Options: 187.5%, 18.75%, 1.875%, 0.01875%

Back

1.875%

Front

John invested $10,000 in a savings account with an annual interest rate of 2%. How much interest will he earn after 5 years?

Back

$1000

Front

A loan of $5000 is taken for a period of 2 years. If the interest paid at the end of 2 years is $200, what is the rate of interest?

Back

2%

Front

John has $200,000 in his savings account, which earns 1.5% interest per year. How much money will he have in his account after 24 months?

Back

$206,000.00

Front

What does 'P' stand for in the simple interest formula I=Prt?

Back

the amount of money borrowed or deposited