Simple Interest

Front

What does the T represent in the simple interest formula I=PRT?

Back

Time, in years

Front

Write 4.3% as a decimal.

Back

0.043

Front

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

Back

Interest

Front

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

Back

Rate

Front

The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a ______. Options: Fraction, Decimal, Ratio, Dollar Amount

Back

Decimal

Front

What does the P in I = PRT mean?

Back

Principal

Front

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

Back

$120

Front

What is the formula for simple interest?

Back

I=Prt

Front

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

Back

12

Front

Find the simple interest:
Principal: $6,000
Interest Rate: 5%
Time: 6 months

Back

$150