12/11/24 Pract. 3-6 Simple Interest
Flashcard
•
Mathematics
•
7th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
What is simple interest?
Back
Simple interest is a method of calculating the interest charge on a loan or financial investment. It is calculated using the formula: Interest = Principal × Rate × Time.
2.
FLASHCARD QUESTION
Front
What is the formula for calculating total amount to be paid back in simple interest?
Back
Total Amount = Principal + Interest, where Interest = Principal × Rate × Time.
3.
FLASHCARD QUESTION
Front
If Emilio borrows $1200 at 8% simple interest for 2 years, how much interest does he pay?
Back
Interest = $1200 × 0.08 × 2 = $192.
4.
FLASHCARD QUESTION
Front
How much will Emilio have to pay back in total after 2 years?
Back
Total Amount = Principal + Interest = $1200 + $192 = $1392.
5.
FLASHCARD QUESTION
Front
What is the principal in a simple interest calculation?
Back
The principal is the initial amount of money borrowed or invested before interest.
6.
FLASHCARD QUESTION
Front
What does the rate represent in simple interest?
Back
The rate represents the percentage of interest charged or earned on the principal, usually expressed as an annual rate.
7.
FLASHCARD QUESTION
Front
How do you calculate the time in years for simple interest?
Back
Time is calculated in years and is a part of the simple interest formula: Interest = Principal × Rate × Time.
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