Simple Interest

Front

What does the 'r' in the interest formula stand for?

Back

rate

Front

What does the 'I' in the interest formula stand for?

Back

Interest

Front

The simple interest formula is I=Prt. What does the 't' represent?

Back

Time, in years

Front

Write the percent as a decimal: 4.3%

Back

.043

Front

What does the 'p' in the interest formula stand for?

Back

Principal

Front

What is the formula for calculating simple interest?

Back

I = P * r * t

Front

If the principal is $1000, the rate is 5%, and the time is 3 years, what is the simple interest?

Back

$150

Front

How do you convert a percentage to a decimal?

Back

Divide by 100.

Front

What is the principal in the simple interest formula?

Back

The initial amount of money invested or borrowed.

Front

What is the rate in the simple interest formula?

Back

The percentage of interest charged or earned per time period.