What is the formula for simple interest?
Simple & Compound Interest Review

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•
Mathematics
•
9th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
I = Prt
2.
FLASHCARD QUESTION
Front
What does the term 'principal' refer to in finance?
Back
The principal is the initial amount of money borrowed or invested.
3.
FLASHCARD QUESTION
Front
What does 'I' stand for in the simple interest formula I = Prt?
Back
I stands for Interest earned.
4.
FLASHCARD QUESTION
Front
What does 'r' represent in the formula I = Prt?
Back
r represents the interest rate.
5.
FLASHCARD QUESTION
Front
What does 't' represent in the formula I = Prt?
Back
t represents the time the money is borrowed or invested.
6.
FLASHCARD QUESTION
Front
What is the meaning of 'semiannually'?
Back
Semiannually means interest is compounded every half of a year or two times a year.
7.
FLASHCARD QUESTION
Front
What is the meaning of 'quarterly'?
Back
Quarterly means interest is compounded four times a year.
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