Simple Interest
Flashcard
•
Mathematics
•
8th Grade
•
Practice Problem
•
Hard
Standards-aligned
Wayground Content
FREE Resource
Student preview
15 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is Simple Interest?
Back
Simple Interest is a method of calculating the interest charged or earned on a principal amount over a specific period of time, calculated using the formula: Interest = Principal x Rate x Time.
Tags
CCSS.7.RP.A.3
2.
FLASHCARD QUESTION
Front
What is the formula for calculating Simple Interest?
Back
The formula for Simple Interest is: Interest = Principal x Rate x Time.
Tags
CCSS.7.RP.A.3
3.
FLASHCARD QUESTION
Front
If you borrow $1,000 at a simple interest rate of 5% for 3 years, how much interest will you pay?
Back
Interest = $1,000 x 0.05 x 3 = $150.
Tags
CCSS.7.RP.A.3
4.
FLASHCARD QUESTION
Front
How do you calculate the total amount to be repaid on a loan with Simple Interest?
Back
Total Amount = Principal + Interest.
Tags
CCSS.7.RP.A.3
5.
FLASHCARD QUESTION
Front
If Maria borrowed $3,000 at a simple interest rate of 4% per year for 4 years, how much interest did she pay?
Back
Interest = $3,000 x 0.04 x 4 = $480.
Tags
CCSS.7.RP.A.3
6.
FLASHCARD QUESTION
Front
What is the total amount Maria has to repay after 4 years?
Back
Total Amount = $3,000 + $480 = $3,480.
Tags
CCSS.7.RP.A.3
7.
FLASHCARD QUESTION
Front
How much interest will Sarah pay back on a $45,000 loan at 6% over 10 years?
Back
Interest = $45,000 x 0.06 x 10 = $27,000.
Tags
CCSS.7.RP.A.3
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