Simple Interest
Flashcard
•
Mathematics
•
KG - University
•
Practice Problem
•
Hard
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 money paid for the use of borrowed money, calculated as a percentage of the principal amount.
2.
FLASHCARD QUESTION
Front
What is the formula for calculating Simple Interest?
Back
The formula is I = P * r * t, where I is the interest, P is the principal, r is the rate, and t is the time.
3.
FLASHCARD QUESTION
Front
What does 'P' stand for in the Simple Interest formula?
Back
P stands for Principal, which is the initial amount of money borrowed or invested.
4.
FLASHCARD QUESTION
Front
What does 'r' represent in the Simple Interest formula?
Back
r represents the rate of interest, expressed as a decimal.
5.
FLASHCARD QUESTION
Front
What does 't' represent in the Simple Interest formula?
Back
t represents the time the money is borrowed or invested, usually in years.
6.
FLASHCARD QUESTION
Front
If you borrow $1,000 at a 5% interest rate for 2 years, how much interest do you pay?
Back
You pay $100 in interest.
7.
FLASHCARD QUESTION
Front
If you borrow $2,000 at a 3% interest rate for 4 years, how much interest do you pay?
Back
You pay $240 in interest.
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