Simple Interest CW

Front

What is the simple interest formula?

Back

I=prt

Front

Before the simple interest formula can be used, what form does the rate need to be in? Options: decimal, years, percent, months

Back

decimal

Front

Principal = $500
Interest rate =5%
Time = 5 years
What is the interest earned?

Back

125

Front

Convert 7.25% to a decimal.

Back

0.0725

Front

In the simple interest formula I=Prt, what does t represent?

Back

Time, in years

Front

Write the percent as a decimal: 4.3%

Back

.043

Front

Interest on $2,000 for 6 months at 12% annual simple interest rate?

Back

$120

Front

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays a simple interest rate of 3.8%. What will be the amount of interest earned after 15 years?

Back

$270.75

Front

Emily’s parents put $1500 in her bank account for college tuition at a simple interest rate of 8.25%. What will be the interest after 18 years?

Back

$2,227.50

Front

Mark took out a loan for $25,690 at a simple interest rate of 5.2% for 5 years. How much interest will he pay?

Back

$6,679.40