Simple Interest Intro
Flashcard
•
Mathematics
•
8th Grade
•
Practice Problem
•
Hard
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.
2.
FLASHCARD QUESTION
Front
What does the variable 'P' represent in the simple interest formula I = Prt?
Back
'P' represents the Principal amount, which is the initial sum of money invested or borrowed.
3.
FLASHCARD QUESTION
Front
What does the variable 'r' represent in the simple interest formula I = Prt?
Back
'r' represents the Rate of interest, expressed as a decimal.
4.
FLASHCARD QUESTION
Front
What does the variable 't' represent in the simple interest formula I = Prt?
Back
't' represents the Time the money is invested or borrowed, usually expressed in years.
5.
FLASHCARD QUESTION
Front
Calculate the simple interest earned on a principal of $500 at a rate of 5% over 5 years.
Back
The interest earned is $125.
6.
FLASHCARD QUESTION
Front
If you invest $200 at a rate of 5% for 2 years, how much interest will you earn?
Back
You will earn $20 in interest.
7.
FLASHCARD QUESTION
Front
What is the formula to calculate Simple Interest?
Back
The formula is I = P * r * t.
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