Simple Interest

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What is Simple Interest?

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

Tags

CCSS.7.RP.A.3

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How do you convert time from months to years in simple interest calculations?

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To convert time from months to years, divide the number of months by 12.

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CCSS.7.RP.A.3

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What is the formula for calculating Simple Interest?

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

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CCSS.7.RP.A.3

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If the principal is $2,000, the rate is 8%, and the time is 5 years, what is the simple interest?

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The simple interest is $800.

Tags

CCSS.7.RP.A.3

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What does 'P' represent in the simple interest formula?

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'P' represents the Principal amount, which is the initial sum of money borrowed or invested.

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CCSS.8.EE.C.7B

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What does 'r' represent in the simple interest formula?

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

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CCSS.6.EE.B.7

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What does 't' represent in the simple interest formula?

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't' represents the time period for which the money is borrowed or invested, expressed in years.

Tags

CCSS.6.EE.B.7

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If a student borrows $1,000 at an interest rate of 8% per annum for 2 years, what is the total amount to be repaid?

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The total amount to be repaid is $1,160.

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CCSS.7.RP.A.3

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Calculate the simple interest for a principal of $15,836 at an interest rate of 8.23% for 10 years.

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The simple interest is $13,033.

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CCSS.7.RP.A.3

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What is the total amount if the principal is $1,000 and the simple interest earned is $160?

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The total amount is $1,160.

Tags

CCSS.7.RP.A.3