simple Interest

Front

What is the formula for calculating simple interest?

Back

I = PRT, where I is the interest, P is the principal, R is the rate, and T is the time.

Tags

CCSS.7.RP.A.3

Front

What does the term 'principal' refer to in the context of simple interest?

Back

The principal is the initial amount of money borrowed or invested before interest.

Tags

CCSS.7.RP.A.3

Front

How do you calculate the simple interest on a loan?

Back

Multiply the principal amount by the rate of interest and the time period: I = PRT.

Tags

CCSS.7.RP.A.3

Front

What is the rate in the simple interest formula I = PRT?

Back

The rate (R) is the percentage of the principal charged as interest per time period.

Tags

CCSS.7.RP.A.3

Front

If you have a principal of $1,000, a rate of 5%, and a time of 3 years, what is the simple interest?

Back

The simple interest is $150.

Tags

CCSS.7.RP.A.3

Front

Convert 0.25 to a percent.

Back

25%.

Front

Convert 10% to a decimal.

Back

.10.

Front

What is the total amount to be paid back on a loan if the principal is $200,000, the interest is $30,000, and the loan term is 5 years?

Back

$230,000.

Tags

CCSS.7.RP.A.3

Front

What does the term 'time' refer to in the simple interest formula?

Back

Time (T) is the duration for which the money is borrowed or invested, usually expressed in years.

Tags

CCSS.7.RP.A.3

Front

If the simple interest on a loan is $500, the principal is $2,000, what is the rate?

Back

The rate is 12.5%.

Tags

CCSS.7.RP.A.3