Simple Interest Practice

Front

What does the 't' represent in the simple interest formula I=Prt?

Back

Time

Front

How can you convert time from months to years in simple interest calculations?

Back

Divide the months by 12.

Front

Calculate the simple interest for a principal of $4,000 at a rate of 6% over 5 years.

Back

$1,200

Front

If Olivia spends $7,400 on furniture with a 9.5% simple interest rate for 8 years, what will be the total amount paid?

Back

$13,024

Front

What does the 'r' in the simple interest formula I=Prt stand for?

Back

Rate

Front

Define simple interest.

Back

Simple interest is the interest calculated on the principal amount only, without compounding.

Front

What is the formula for calculating simple interest?

Back

I = P * r * t

Front

If the principal is $1,000 and the interest rate is 5% for 3 years, what is the simple interest?

Back

$150

Front

What is the total amount to be paid back if the principal is $2,000, the interest rate is 4% for 2 years?

Back

$2,160

Front

If you have a simple interest of $300 on a principal of $1,500, what is the interest rate?

Back

12% per year