Simple and compound interest
Flashcard
•
Mathematics
•
7th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What does the 'I' in the interest formula stand for?
Back
Interest
2.
FLASHCARD QUESTION
Front
How do you convert a percentage to a decimal?
Back
Divide the percentage by 100.
3.
FLASHCARD QUESTION
Front
What is interest?
Back
Extra money paid for borrowing.
4.
FLASHCARD QUESTION
Front
Before using the rate in the simple interest formula, how must it be expressed?
Back
As a decimal.
5.
FLASHCARD QUESTION
Front
What does the 't' represent in the simple interest formula I=Prt?
Back
Time.
6.
FLASHCARD QUESTION
Front
What is the formula for calculating simple interest?
Back
I = P * r * t, where I is interest, P is principal, r is rate, and t is time.
7.
FLASHCARD QUESTION
Front
What is the principal in the context of simple interest?
Back
The initial amount of money borrowed or invested.
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