FIT Simple Interest

Front

What does the 'r' stand for in the simple interest equation?

Back

Rate (% as decimal)

Front

What is the formula for simple interest?

Back

I = P*r*t

Front

What does the 'I' stand for in the simple interest equation?

Back

Interest ($)

Front

What does the 'P' stand for in the simple interest equation?

Back

Principal

Front

If you invest $1000 at a rate of 5% for 3 years, how much interest will you earn?

Back

$150

Front

What is the simple interest earned on a principal of $500 at a rate of 4% for 2 years?

Back

$40

Front

How do you convert a percentage to a decimal for use in the simple interest formula?

Back

Divide the percentage by 100.

Front

If the interest earned is $200 and the principal is $1000, what is the interest rate?

Back

20%.

Front

What is the total amount after earning simple interest?

Back

Total Amount = Principal + Interest.

Front

What is the interest earned on a principal of $2000 at a rate of 3% for 4 years?

Back

$240.