Simple Interest

Front

The simple interest formula is I=Prt. What does P represent?

Back

The principal, which is the amount of money borrowed or deposited.

Front

What is the formula to calculate simple interest?

Back

I = Prt, where I is interest, P is principal, r is rate, and t is time.

Front

Convert the decimal 0.37 to a percent.

Back

37%.

Front

Convert the percent 4.3% to a decimal.

Back

.043.

Front

If Jimmy Neutron borrows $1200 at 8% simple interest for 2 years, how much will he pay back in total?

Back

$1392.

Front

How much interest will Emilio earn if he borrows $1200 at 8% simple interest for 3 years?

Back

$288.

Front

What does 'I' represent in the simple interest formula I=Prt?

Back

I represents the interest earned or paid.

Front

What does 'r' represent in the simple interest formula I=Prt?

Back

r represents the rate of interest per year.

Front

What does 't' represent in the simple interest formula I=Prt?

Back

t represents the time in years.

Front

If the principal is $1000 and the interest rate is 5% for 1 year, what is the interest?

Back

$50.