Simple Interest
Flashcard
•
Mathematics
•
8th Grade
•
Practice Problem
•
Hard
Standards-aligned
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16 questions
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1.
FLASHCARD QUESTION
Front
What is Simple Interest?
Back
Simple Interest is a method of calculating the interest charge on a loan or financial investment. It is calculated using the formula: Interest = Principal x Rate x Time.
Tags
CCSS.7.RP.A.3
2.
FLASHCARD QUESTION
Front
What is the formula for calculating Simple Interest?
Back
The formula for calculating Simple Interest is: I = PRT, where I is the interest, P is the principal amount, R is the rate of interest per year, and T is the time in years.
Tags
CCSS.7.RP.A.3
3.
FLASHCARD QUESTION
Front
If you invest $1,000 at a 5% simple interest rate for 3 years, how much interest will you earn?
Back
You will earn $150 in interest. (I = 1000 x 0.05 x 3 = $150)
Tags
CCSS.7.RP.A.3
4.
FLASHCARD QUESTION
Front
What does the term 'Principal' refer to in finance?
Back
Principal refers to the original sum of money borrowed or invested, excluding any interest or profits.
Tags
CCSS.7.RP.A.3
5.
FLASHCARD QUESTION
Front
What is the 'Rate' in the context of Simple Interest?
Back
The 'Rate' is the percentage at which interest is calculated on the principal amount, usually expressed as an annual rate.
Tags
CCSS.7.RP.A.3
6.
FLASHCARD QUESTION
Front
How does time affect Simple Interest?
Back
The longer the time period, the more interest will accumulate, as interest is calculated for each year the principal is invested or borrowed.
Tags
CCSS.7.RP.A.3
7.
FLASHCARD QUESTION
Front
What is the total amount after earning Simple Interest?
Back
The total amount after earning Simple Interest can be calculated as: Total Amount = Principal + Interest.
Tags
CCSS.HSF.BF.A.2
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