What is the term for 'the amount of money you borrow'?

Day 119: Simple Interest Vocabulary

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Mathematics
•
11th - 12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Principle
2.
FLASHCARD QUESTION
Front
What is the term for 'the amount of money added to your principle'?
Back
Interest
3.
FLASHCARD QUESTION
Front
What describes the PERCENTAGE that you are being charged to take a loan?
Back
Rate
4.
FLASHCARD QUESTION
Front
True or False: Your CREDIT SCORE affects your interest rates and ability to get a loan.
Back
True
5.
FLASHCARD QUESTION
Front
Convert 7% to a decimal.
Back
.07
6.
FLASHCARD QUESTION
Front
What is the formula for calculating Simple Interest?
Back
Simple Interest = Principle × Rate × Time
7.
FLASHCARD QUESTION
Front
If you borrow $1000 at an interest rate of 5% for 3 years, what is the total interest paid?
Back
$150
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