Simple interest
Flashcard
•
Mathematics
•
7th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What does the I stand for in the simple interest equation?
Back
Interest ($)
2.
FLASHCARD QUESTION
Front
What does the P stand for in the simple interest equation?
Back
Principal
3.
FLASHCARD QUESTION
Front
What is the formula for calculating simple interest?
Back
Simple Interest (SI) = Principal (P) × Rate (R) × Time (T) / 100
4.
FLASHCARD QUESTION
Front
If you deposit $1000 at a 5% interest rate for 3 years, how much interest will you earn?
Back
$150
5.
FLASHCARD QUESTION
Front
What is the principal amount in a loan?
Back
The principal amount is the initial sum of money borrowed or invested.
6.
FLASHCARD QUESTION
Front
How do you convert a percentage to a decimal for calculations?
Back
Divide the percentage by 100.
7.
FLASHCARD QUESTION
Front
If you borrow $2000 at an interest rate of 6% for 4 years, how much total will you pay back?
Back
$2480 ($2000 principal + $480 interest)
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