Simple Interest
Flashcard
•
Mathematics
•
11th Grade
•
Hard
Standards-aligned
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14 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 given by the formula: SI = P * r * t, where SI is the simple interest, P is the principal amount, r is the rate of interest per year, and t is the time in years.
Tags
CCSS.7.RP.A.3
2.
FLASHCARD QUESTION
Front
What is the formula for calculating Simple Interest?
Back
The formula for calculating Simple Interest is: SI = P * r * t, where SI is the simple interest, P is the principal amount, r is the rate of interest (in decimal), and t is the time (in years).
Tags
CCSS.7.RP.A.3
3.
FLASHCARD QUESTION
Front
If you invest $1,000 at a 5% simple interest rate for 3 years, how much interest will you earn?
Back
The interest earned will be: SI = 1000 * 0.05 * 3 = $150.
Tags
CCSS.7.RP.A.3
4.
FLASHCARD QUESTION
Front
What is the principal amount in a simple interest calculation?
Back
The principal amount is the initial sum of money that is invested or borrowed before interest is applied.
Tags
CCSS.7.RP.A.3
5.
FLASHCARD QUESTION
Front
How do you convert a percentage to a decimal for calculations?
Back
To convert a percentage to a decimal, divide the percentage by 100. For example, 8% becomes 0.08.
6.
FLASHCARD QUESTION
Front
What is the total amount to be paid back if you borrow $1,200 at 8% simple interest for 2 years?
Back
Total amount = Principal + Simple Interest = 1200 + (1200 * 0.08 * 2) = $1,392.
Tags
CCSS.7.RP.A.3
7.
FLASHCARD QUESTION
Front
Calculate the simple interest on a loan of $750 at an 18% interest rate over 2 years.
Back
SI = 750 * 0.18 * 2 = $270.
Tags
CCSS.7.RP.A.3
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