715 Simple interest Quick Check

Front

What must you convert the rate (given as a percent) to before using it in the simple interest formula?

Back

decimal

Front

If Emilio borrows $1200 at 8% simple interest per year, how much will he pay back in total after 2 years?

Back

$1392

Front

In the simple interest formula I=Prt, what does 't' represent?

Back

Time, in years

Front

What are Principal and Interest always considered?

Back

money

Front

In the formula I=Prt, what does 'P' stand for?

Back

the amount of money borrowed or deposited

Front

What is the formula for calculating simple interest?

Back

I = Prt

Front

If the principal is $1000 and the interest rate is 5% per year, what is the simple interest for 3 years?

Back

$150

Front

What does 'I' represent in the simple interest formula I=Prt?

Back

Interest earned

Front

If you have a principal of $500 and an interest rate of 4% for 1 year, how much interest will you earn?

Back

$20

Front

What is the total amount to be paid back if the principal is $2000 and the interest is $300?

Back

$2300