Simple Interest

Front

The simple interest formula is I = Prt. What does 'P' represent?

Back

The amount of money borrowed or deposited.

Tags

CCSS.6.EE.B.7

Front

What is the formula to calculate 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

If Ann puts $300 in a bank account earning 4% interest, how much interest will she earn in 1 year?

Back

$12.

Tags

CCSS.7.RP.A.3

Front

Calculate the simple interest on $26,500 at 12% for 7 years.

Back

$22,260.

Tags

CCSS.7.RP.A.3

Front

What does the 'r' in the simple interest formula stand for?

Back

Rate.

Front

If you deposit $225 at a rate of 1.5% for 2 years, what is the simple interest earned?

Back

$6.75.

Tags

CCSS.7.RP.A.3

Front

What is the time period in the simple interest formula?

Back

The duration for which the money is borrowed or invested.

Tags

CCSS.8.EE.C.7B

Front

How do you convert a percentage to a decimal for calculations?

Back

Divide the percentage by 100.

Front

If the principal is $500 and the rate is 5% for 3 years, what is the interest?

Back

$75.

Tags

CCSS.7.RP.A.3

Front

What is the principal in a simple interest calculation?

Back

The initial amount of money that is borrowed or invested.

Tags

CCSS.7.RP.A.3