Simple Interest Practice

Front

What does the 't' represent in the simple interest formula I=Prt?

Back

Time

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CCSS.6.EE.B.7

Front

Calculate the interest earned if Principal = $500, Interest rate = 5%, Time = 5 years.

Back

$125

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CCSS.7.RP.A.3

Front

How can you find the time in years if given the time in months for simple interest calculation?

Back

Divide the months by 12.

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CCSS.7.RP.A.3

Front

Convert 18 months to years.

Back

1.5 Years

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CCSS.4.MD.A.1

Front

If Olivia spends $7400 on furniture with 9.5% simple interest for 8 years, how much will she pay in total?

Back

$13,024

Tags

CCSS.7.RP.A.3

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.

Tags

CCSS.7.RP.A.3

Front

What is the principal in a simple interest calculation?

Back

The initial amount of money borrowed or invested.

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CCSS.7.RP.A.3

Front

What does the interest rate represent in simple interest?

Back

The percentage of the principal charged as interest per time period.

Tags

CCSS.7.RP.A.3

Front

If the interest earned is $200, the principal is $1000, and the time is 2 years, what is the interest rate?

Back

10%.

Tags

CCSS.7.RP.A.3

Front

How do you convert an interest rate from a percentage to a decimal?

Back

Divide the percentage by 100.