Simple Interest
Flashcard
•
Mathematics
•
7th - 10th Grade
•
Practice Problem
•
Hard
Wayground Content
FREE Resource
Student preview
15 questions
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1.
FLASHCARD QUESTION
Front
What is Simple Interest?
Back
Simple Interest is the interest calculated on the principal amount only, without compounding. It is calculated using the formula I = PRT, where I is the interest, P is the principal, R is the rate of interest, and T is the time in years.
2.
FLASHCARD QUESTION
Front
What is the formula for calculating Simple Interest?
Back
The formula for calculating Simple Interest is I = PRT, where I is the interest, P is the principal amount, R is the rate of interest (in decimal), and T is the time (in years).
3.
FLASHCARD QUESTION
Front
If the principal is $500, the interest rate is 5%, and the time is 5 years, what is the interest earned?
Back
The interest earned is $125.
4.
FLASHCARD QUESTION
Front
What does 'P' represent in the Simple Interest formula I = PRT?
Back
'P' represents the Principal amount, which is the initial sum of money invested or loaned.
5.
FLASHCARD QUESTION
Front
What does 'R' represent in the Simple Interest formula I = PRT?
Back
'R' represents the Rate of interest, which is the percentage of the principal charged as interest for a specific period.
6.
FLASHCARD QUESTION
Front
What does 'T' represent in the Simple Interest formula I = PRT?
Back
'T' represents the Time, in years, for which the money is borrowed or invested.
7.
FLASHCARD QUESTION
Front
How do you convert a decimal to a percentage?
Back
To convert a decimal to a percentage, multiply the decimal by 100 and add the '%' symbol. For example, 0.37 becomes 37%.
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