simple interest

Front

interest is _________

Back

extra money paid for borrowing

Front

What is the formula for finding the Principal from the simple interest formula?

Back

P=I/RT

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

The Principal and Interest are always___________.

Back

money

Front

What is the formula for calculating Simple Interest?

Back

I = Prt

Front

If the Principal is $1000, the rate is 5%, and the time is 3 years, what is the Simple Interest?

Back

I = 1000 * 0.05 * 3 = $150

Front

What is the relationship between Principal, Interest, and Total Amount?

Back

Total Amount = Principal + Interest

Front

If you borrow $500 at a 4% interest rate for 2 years, how much interest will you pay?

Back

I = 500 * 0.04 * 2 = $40

Front

What does the 'r' in the simple interest formula represent?

Back

Rate of interest (as a decimal)