Simple and compound interest

Front

The principle in the simple interest formula I=Prt is:

Back

the amount of money borrowed or deposited

Front

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

Back

Time

Front

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

Back

$1,200

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

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

Back

Time

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

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

Back

Interest

Front

In the compound interest formula A = P(1 + r)^t, what does A represent?

Back

The total amount of money after a certain amount of time.

Front

What does the rate have to be in? Options: scientific notation, negative integers, positive integers, decimal

Back

decimal