simple interest

Front

The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a______.

Back

decimal

Front

The principle is ___________________.

Back

the amount of money borrowed or deposited

Front

Starting money = $350.
Interest rate = 2.5%
Time = 3 years.
How much interest?

Back

$26.25

Front

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

Back

The interest is $1200.

Front

The simple interest formula is I=Prt. What does the t represent?

Back

Time, in years

Front

What does the "r" in the interest formula stand for? Options: Principal, Interest, rate, time

Back

rate

Front

What does the "I" in the interest formula stand for?

Back

Interest

Front

Write the percent as a decimal. 4.3%

Back

.043

Front

What does the rate have to be in? Options: scientific notation, negative integers, positive integers, decimal

Back

decimal

Front

the time has to be in _____________

Back

years