Simple Interest #2
Flashcard
•
Mathematics
•
8th Grade
•
Practice Problem
•
Hard
Wayground Content
FREE Resource
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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, or the original amount of money, over a specific period of time at a fixed interest rate.
2.
FLASHCARD QUESTION
Front
What is the formula for calculating Simple Interest?
Back
The formula for Simple Interest is: SI = P * r * t, where SI is the simple interest, P is the principal amount, r is the rate of interest per year (in decimal), and t is the time in years.
3.
FLASHCARD QUESTION
Front
If the principal is $2000, the rate is 5%, and the time is 2 years, what is the Simple Interest?
Back
The Simple Interest is $2000 * 0.05 * 2 = $200.
4.
FLASHCARD QUESTION
Front
How do you find the principal if you know the Simple Interest, rate, and time?
Back
Rearrange the formula: P = SI / (r * t).
5.
FLASHCARD QUESTION
Front
If Anna invested $2,500 at an annual rate of 5%, how long will it take to earn $1,125 in interest?
Back
It will take 9 years.
6.
FLASHCARD QUESTION
Front
What is the interest earned on a loan of $2000 at a rate of 5% per year for 3 years?
Back
The interest earned is $300.
7.
FLASHCARD QUESTION
Front
How do you calculate the interest rate if you know the principal, interest, and time?
Back
Use the formula: r = SI / (P * t).
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