Day 119: Simple Interest Vocabulary

Day 119: Simple Interest Vocabulary

Assessment

Flashcard

Mathematics

11th - 12th Grade

Hard

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15 questions

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1.

FLASHCARD QUESTION

Front

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

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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