Simple and Compound Interest

Front

What is the formula for simple interest?

Back

I=Prt

Front

What does the P in I = PRT mean?

Back

Principal

Front

The Principal and Interest are always___________.

Back

money

Front

In the formula I=P·R·T, what does R stand for in a loan?

Back

Rate: the interest percentage you will pay on a loan

Front

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

Back

Time, in years

Front

Write the decimal as a percent.
0.37

Back

37%

Front

Write the percent as a decimal: 4.3%

Back

.043

Front

9 months is how many years?

Back

0.75

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 balance after 18 years?

Back

$3727.50