Simple Interest

Front

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

Back

Time

Front

What is the total amount Aden has to pay back after borrowing $1200 at 8% simple interest for 2 years?

Back

$1392

Front

How much interest do you pay if you start with $350, have an interest rate of 2.5%, and the time is 3 years?

Back

$26.25

Front

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

Back

The principle, which means the amount of money borrowed or deposited.

Front

How much interest is earned if you start with $350, have an interest rate of 2.5%, and the time is 3 years?

Back

$26.25

Front

What is the formula for calculating simple interest?

Back

I = Prt

Front

If you borrow $1000 at a 5% interest rate for 1 year, how much interest will you pay?

Back

$50

Front

What is the principle in a simple interest calculation?

Back

The initial amount of money borrowed or invested.

Front

If the interest earned is $30 and the principle is $600, what is the interest rate if the time is 1 year?

Back

5% (I = Prt => 30 = 600 * r * 1 => r = 0.05)

Front

What is the total amount to be paid back if the principle is $500 and the interest earned is $25?

Back

$525