Simple Interest - 2023

Front

The simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.

Back

the starting amount of money borrowed or deposited

Front

Principal = $1500, Interest Rate = 2.5%, Time = 48 months. Find the TOTAL at the end of 48 months.

Back

$1650

Front

You lend $240 to your friend. He pays you back $270 in one year. What interest rate did you charge your friend?

Back

12.5%

Front

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

Back

Time (In Years)

Front

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

Back

Interest

Front

What is the formula for calculating simple interest?

Back

I = P * r * t

Front

If the principal is $1000, the interest rate is 5%, and the time is 3 years, what is the simple interest?

Back

$150

Front

What is the total amount after earning simple interest?

Back

Total Amount = Principal + Interest

Front

If you have a principal of $2000 and earn $300 in interest, what is the interest rate?

Back

15%

Front

What does the 'r' in the simple interest formula I=Prt represent?

Back

The percent interest rate per year