Simple Interest
Flashcard
•
Mathematics
•
7th Grade
•
Practice Problem
•
Hard
+1
Standards-aligned
Wayground Content
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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 = P * R * T, where I is interest, P is principal, R is rate (as a decimal), and T is time in years.
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 = P * R * T.
Tags
CCSS.7.RP.A.3
3.
FLASHCARD QUESTION
Front
If Timmi puts $300 in a bank account earning 4% interest, how much interest will she earn in 1 year?
Back
$12.
Tags
CCSS.7.RP.A.3
4.
FLASHCARD QUESTION
Front
How do you convert a percentage to a decimal?
Back
To convert a percentage to a decimal, divide the percentage by 100. For example, 7.5% becomes 0.075.
5.
FLASHCARD QUESTION
Front
What does the 'P' in the interest formula stand for?
Back
'P' stands for Principal, which is the initial amount of money invested or borrowed.
6.
FLASHCARD QUESTION
Front
What does the 'R' in the interest formula stand for?
Back
'R' stands for Rate, which is the percentage of interest charged or earned.
7.
FLASHCARD QUESTION
Front
What does the 'T' in the interest formula stand for?
Back
'T' stands for Time, which is the duration for which the money is invested or borrowed, measured in years.
Tags
CCSS.8.EE.C.7B
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