Simple Interest

Simple Interest

Assessment

Flashcard

Mathematics

7th Grade

Hard

CCSS
7.RP.A.3, 4.MD.A.1

Standards-aligned

Created by

Wayground Content

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15 questions

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1.

FLASHCARD QUESTION

Front

What is Simple Interest?

Back

Simple Interest is the interest calculated on the principal amount only, without compounding. It is given by the formula I = P * r * t, where I is the 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

2.

FLASHCARD QUESTION

Front

How do you convert months to years?

Back

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

Tags

CCSS.4.MD.A.1

3.

FLASHCARD QUESTION

Front

What is the formula for calculating Simple Interest?

Back

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

Tags

CCSS.7.RP.A.3

4.

FLASHCARD QUESTION

Front

If Jenna borrowed $5,000 for 3 years and paid $1,350 in interest, what was her interest rate?

Back

Jenna's interest rate was 9%.

Tags

CCSS.7.RP.A.3

5.

FLASHCARD QUESTION

Front

How much total will Emilio have to pay back after borrowing $1200 at 8.5% interest for 2 years?

Back

Emilio will have to pay back a total of $1404.

Tags

CCSS.7.RP.A.3

6.

FLASHCARD QUESTION

Front

What does 'Principal' mean in the context of Simple Interest?

Back

Principal is the initial amount of money borrowed or invested before interest.

Tags

CCSS.7.RP.A.3

7.

FLASHCARD QUESTION

Front

What is the meaning of 'Interest Rate'?

Back

The interest rate is the percentage of the principal charged as interest for a specific period, usually expressed annually.

Tags

CCSS.7.RP.A.3

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