Simple Interest

Simple Interest

Assessment

Flashcard

Mathematics

KG - University

Practice Problem

Hard

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 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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