Simple and Compound Interests

Front

What is the formula for simple interest?

Back

I=Prt

Front

What does the P in I = PRT mean?

Back

Principal

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

9 months is how many years?

Back

0.75

Front

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

Back

Decimal

Front

Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.

Back

$800

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

Front

The principle in the simple interest formula I=Prt is

Back

the amount of money borrowed or deposited