Simple Interest  Quan Mod

Simple Interest Quan Mod

Assessment

Flashcard

Mathematics

11th Grade

Practice Problem

Hard

Created by

Wayground Content

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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 = P * R * T, where I is the interest, P is the principal, R is the rate of interest per year, and T is the time in years.

2.

FLASHCARD QUESTION

Front

What does the variable 'P' represent in the formula I = P * R * T?

Back

'P' represents the principal amount, which is the initial sum of money borrowed or invested.

3.

FLASHCARD QUESTION

Front

What does the variable 'R' represent in the formula I = P * R * T?

Back

'R' represents the rate of interest, expressed as a decimal, that is charged or earned per year.

4.

FLASHCARD QUESTION

Front

What does the variable 'T' represent in the formula I = P * R * T?

Back

'T' represents the time period in years for which the money is borrowed or invested.

5.

FLASHCARD QUESTION

Front

How do you calculate the total amount to be paid back on a loan with simple interest?

Back

Total Amount = Principal + Interest, where Interest = P * R * T.

6.

FLASHCARD QUESTION

Front

If Mason borrows $1200 at 8% simple interest for 2 years, how much interest does he pay?

Back

Interest = 1200 * 0.08 * 2 = $192.

7.

FLASHCARD QUESTION

Front

What is the total amount Mason has to pay back after 2 years?

Back

Total Amount = Principal + Interest = 1200 + 192 = $1392.

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