Simple Interest

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

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

Back

$26.25

Front

Principal = $800
Interest Rate = 3.5%
Time = 2 years
Find the interest earned.

Back

56

Front

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

Back

rate

Front

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

Back

Principal

Front

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

Back

decimal

Front

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

Back

Interest

Front

True or False: Before you can calculate INTEREST your time must be in MONTHS!

Back

FALSE

Front

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

Back

Time, in years

Front

Write the percent as a decimal: 4.3%

Back

.043