Simple Interest

Simple Interest

Assessment

Flashcard

Mathematics

7th Grade

Hard

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16 questions

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1.

FLASHCARD QUESTION

Front

What is Simple Interest?

Back

Simple Interest is the interest calculated on the principal amount only, without compounding. It is calculated using the formula I = P * r * t, where I is the interest, P is the principal, r is the rate of interest, and t is the time in years.

2.

FLASHCARD QUESTION

Front

What is the formula for calculating Simple Interest?

Back

The formula for calculating Simple Interest is I = P * r * t.

3.

FLASHCARD QUESTION

Front

In the formula I = P * r * t, what does 'P' represent?

Back

'P' represents the principal amount, which is the initial sum of money deposited or borrowed.

4.

FLASHCARD QUESTION

Front

In the formula I = P * r * t, what does 'r' represent?

Back

'r' represents the rate of interest, expressed as a decimal.

5.

FLASHCARD QUESTION

Front

In the formula I = P * r * t, what does 't' represent?

Back

't' represents the time the money is invested or borrowed for, measured in years.

6.

FLASHCARD QUESTION

Front

How do you convert a percentage to a decimal?

Back

To convert a percentage to a decimal, divide the percentage by 100. For example, 8.25% becomes 0.0825.

7.

FLASHCARD QUESTION

Front

If you invest $1,000 at a simple interest rate of 5% for 3 years, how much interest will you earn?

Back

You will earn $150 in interest. (I = 1000 * 0.05 * 3 = 150)

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