Algebra with Finance SEM 1 Exam REVIEW

Front

What is the formula for calculating simple interest?

Back

I = PRT, where I is interest, P is principal, R is rate, and T is time.

Front

If there are 70 birds and 10% fly south, how many birds are left?

Back

63 birds are left.

Front

What does the 'T' represent in the simple interest formula I = PRT?

Back

T represents Time.

Front

How do you calculate a 10% increase on $20?

Back

$20 + ($20 * 0.10) = $22.

Front

True or False: A person can choose whether to have social security deducted from their pay when starting a new job.

Back

False.

Front

What is the principal amount in the simple interest formula?

Back

The principal amount (P) is the initial sum of money borrowed or invested.

Front

How do you find the total amount after interest is added?

Back

Total Amount = Principal + Interest.

Front

What is the annual simple interest earned on a $2,000 loan at 12% for 6 years?

Back

$1,440.

Front

If a product costs $50 and is marked up by 20%, what is the new price?

Back

$50 + ($50 * 0.20) = $60.

Front

What is a percentage?

Back

A percentage is a fraction of 100, representing a part of a whole.