2.5 simple interest review
Flashcard
•
Mathematics
•
7th Grade
•
Practice Problem
•
Hard
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17 questions
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1.
FLASHCARD QUESTION
Front
What is simple interest?
Back
Simple interest is a method of calculating the interest charge on a loan or financial product. It is calculated using the formula: Interest = Principal × Rate × Time.
2.
FLASHCARD QUESTION
Front
How do you convert a percentage to a decimal?
Back
To convert a percentage to a decimal, divide the percentage by 100. For example, 3% becomes 0.03.
3.
FLASHCARD QUESTION
Front
What is the formula for calculating simple interest?
Back
The formula for calculating simple interest is: I = P × r × t, where I is interest, P is principal, r is rate (as a decimal), and t is time (in years).
4.
FLASHCARD QUESTION
Front
If the principal is $500 and the interest rate is 4% for 2 years, what is the simple interest?
Back
The simple interest is $40. (I = 500 × 0.04 × 2)
5.
FLASHCARD QUESTION
Front
What does 'principal' mean in the context of simple interest?
Back
Principal refers to the initial amount of money that is borrowed or invested, before any interest is added.
6.
FLASHCARD QUESTION
Front
How do you find the total amount to be paid back on a loan?
Back
To find the total amount to be paid back, add the simple interest to the principal: Total Amount = Principal + Interest.
7.
FLASHCARD QUESTION
Front
What is the relationship between time in months and years?
Back
To convert time from months to years, divide the number of months by 12.
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