Percent Change and Simple Interest Review

Front

What is percent change?

Back

Percent change is a measure of how much a quantity has increased or decreased relative to its original value, expressed as a percentage.

Front

How do you calculate percent change?

Back

Percent Change = ((New Value - Original Value) / Original Value) x 100.

Front

If the original cost was $5 and the new cost is $1, what is the percent of change?

Back

Decrease 80%.

Front

What is simple interest?

Back

Simple interest is the interest calculated only on the principal amount, or the original amount of money borrowed or invested.

Front

What is the formula for calculating simple interest?

Back

I = P * r * t, where I is interest, P is principal, r is the rate of interest, and t is time.

Front

If Emilio borrows $1200 at 8% simple interest for 2 years, how much will he pay back in total?

Back

$1392.

Front

What does 'P' represent in the simple interest formula I = P * r * t?

Back

P represents the principal amount.

Front

What does 'r' represent in the simple interest formula I = P * r * t?

Back

r represents the rate of interest, expressed as a decimal.

Front

What does 't' represent in the simple interest formula I = P * r * t?

Back

t represents the time the money is borrowed or invested, typically in years.

Front

If the principal is $500, the interest rate is 5%, and the time is 5 years, what is the interest earned?

Back

$125.