Simple Interest

Front

The principle in the simple interest formula I=Prt

Back

the amount of money borrowed or deposited

Front

What does the "I" in the interest formula stand for?

Back

Interest

Front

What does the t represent in the simple interest formula I=Prt?

Back

Time, in years

Front

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

Back

decimal

Front

Write the percent as a decimal: 4.3%

Back

.043

Front

How to convert time from months to years when calculating simple interest?

Back

Divide the months by 12.

Front

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

Back

$26.25

Front

Calculate the interest. I = PRT, Principal = $1000, Rate = 6%, Time = 2 years

Back

$120

Front

Calculate the interest. I = PRT,
Principal = $10000,
Rate = 7%,
Time = 20 years

Back

14000

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