simple Interest

Front

What is the formula for calculating simple interest?

Back

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

Front

If you invest $1,000 at a simple interest rate of 5% for 3 years, how much interest will you earn?

Back

$150

Front

What is the principal amount in the formula I = PRT?

Back

The principal amount (P) is the initial sum of money invested or loaned.

Front

How do you convert a decimal to a percent?

Back

Multiply the decimal by 100 and add a percent sign.

Front

How do you convert a percent to a decimal?

Back

Divide the percent by 100.

Front

What does the R in the formula I = PRT represent?

Back

The rate of interest, expressed as a decimal.

Front

What is the interest earned on a $500 investment at a 4% interest rate over 5 years?

Back

$100

Front

If the interest earned is $60 and the principal is $400, what is the rate of interest?

Back

The rate of interest is 3%.

Front

What is the time period in the formula I = PRT?

Back

The time period (T) is the duration for which the money is invested or borrowed, measured in years.

Front

How would you calculate the total amount after interest is applied?

Back

Total Amount = Principal + Interest.