Simple Interest and Percent Error

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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 = P * r * t, where I is the interest, P is the principal, r is the rate of interest per year, and t is the time in years.

Tags

CCSS.7.RP.A.3

Front

What is the formula for calculating Simple Interest?

Back

The formula for calculating Simple Interest is I = P * r * t.

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CCSS.7.RP.A.3

Front

If you invest $1,000 at a simple interest rate of 5% for 3 years, how much interest will you earn?

Back

I = 1000 * 0.05 * 3 = $150.

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CCSS.7.RP.A.3

Front

What does 'principal' mean in the context of Simple Interest?

Back

Principal refers to the initial amount of money that is invested or loaned, before any interest is added.

Tags

CCSS.7.RP.A.3

Front

What is the meaning of 'rate' in Simple Interest?

Back

The rate is the percentage of the principal that is paid as interest over a specific period, usually expressed as an annual rate.

Tags

CCSS.7.RP.A.3

Front

How do you convert months into years for calculating Simple Interest?

Back

To convert months into years, divide the number of months by 12. For example, 4 months = 4/12 years.

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CCSS.6.RP.A.3B

Front

What is Percent Error?

Back

Percent Error is a measure of how inaccurate a measurement is, compared to the true value. It is calculated using the formula: Percent Error = |(Experimental Value - True Value)| / True Value * 100%.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate Percent Error?

Back

Percent Error = |(Experimental Value - True Value)| / True Value * 100%.

Front

If the true value of a measurement is 50 and the experimental value is 45, what is the Percent Error?

Back

Percent Error = |(45 - 50)| / 50 * 100% = 10%.

Tags

CCSS.6.RP.A.3C

Front

What is the significance of Percent Error in scientific measurements?

Back

Percent Error helps to quantify the accuracy of a measurement and indicates how close the experimental value is to the true value.

Tags

CCSS.6.RP.A.3C