Simple Interest
Flashcard
•
Mathematics
•
7th Grade
•
Practice Problem
•
Hard
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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 can be calculated using the formula: Simple Interest = Principal × Rate × Time.
2.
FLASHCARD QUESTION
Front
How do you convert time from months to years for calculating Simple Interest?
Back
To convert time from months to years, divide the number of months by 12.
3.
FLASHCARD QUESTION
Front
What is the formula for calculating Simple Interest?
Back
The formula for calculating Simple Interest is: SI = P × R × T, where SI is Simple Interest, P is Principal, R is Rate (in decimal), and T is Time (in years).
4.
FLASHCARD QUESTION
Front
If you invest $1000 at a 5% interest rate for 3 years, what is the Simple Interest earned?
Back
The Simple Interest earned is $150.
5.
FLASHCARD QUESTION
Front
What is the principal in a Simple Interest calculation?
Back
The principal is the initial amount of money that is invested or loaned.
6.
FLASHCARD QUESTION
Front
How do you express the interest rate as a decimal?
Back
To express the interest rate as a decimal, divide the percentage by 100. For example, 5% becomes 0.05.
7.
FLASHCARD QUESTION
Front
If you have a principal of $2000, an interest rate of 6%, and a time period of 4 years, what is the Simple Interest?
Back
The Simple Interest is $480.
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