simple Interest
Flashcard
•
Mathematics
•
7th Grade
•
Practice Problem
•
Hard
Standards-aligned
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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 can be calculated using the formula: I = PRT, where I is the interest, P is the principal, R is the rate, and T is the time.
Tags
CCSS.7.RP.A.3
2.
FLASHCARD QUESTION
Front
What is the formula for calculating Simple Interest?
Back
The formula for calculating Simple Interest is I = PRT, where I is the interest, P is the principal amount, R is the rate of interest per year, and T is the time in years.
Tags
CCSS.7.RP.A.3
3.
FLASHCARD QUESTION
Front
If you borrow $1,000 at a rate of 5% for 3 years, what is the Simple Interest?
Back
The Simple Interest is $150.
Tags
CCSS.7.RP.A.3
4.
FLASHCARD QUESTION
Front
What does P stand for in the formula I = PRT?
Back
P stands for Principal, which is the initial amount of money borrowed or invested.
Tags
CCSS.7.RP.A.3
5.
FLASHCARD QUESTION
Front
What does R stand for in the formula I = PRT?
Back
R stands for Rate, which is the percentage of interest charged or earned per year.
Tags
CCSS.7.RP.A.3
6.
FLASHCARD QUESTION
Front
What does T stand for in the formula I = PRT?
Back
T stands for Time, which is the duration for which the money is borrowed or invested, measured in years.
Tags
CCSS.6.EE.B.7
7.
FLASHCARD QUESTION
Front
How do you calculate the total amount to be paid back on a loan?
Back
The total amount to be paid back is calculated by adding the Simple Interest to the Principal: Total Amount = P + I.
Tags
CCSS.7.RP.A.3
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