Simple Interest
Flashcard
•
Mathematics
•
8th Grade
•
Practice Problem
•
Hard
Standards-aligned
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15 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 product. It is calculated using the formula: Interest = Principal × Rate × 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 = P × r × t, where I is the interest, P is the principal amount, r is the rate of interest per year (in decimal), and t is the time in years.
Tags
CCSS.7.RP.A.3
3.
FLASHCARD QUESTION
Front
If Maria borrowed $3,000 at a simple interest rate of 4% per year, how much interest will she pay after 4 years?
Back
Interest = Principal × Rate × Time = $3,000 × 0.04 × 4 = $480.
Tags
CCSS.7.RP.A.3
4.
FLASHCARD QUESTION
Front
How much will Maria have to repay after 4 years if she borrowed $3,000 at 4% simple interest?
Back
Total repayment = Principal + Interest = $3,000 + $480 = $3,480.
Tags
CCSS.7.RP.A.3
5.
FLASHCARD QUESTION
Front
What is the interest earned on a $4,500 savings account that earns 2.5% simple interest over three years?
Back
Interest = Principal × Rate × Time = $4,500 × 0.025 × 3 = $337.50.
Tags
CCSS.7.RP.A.3
6.
FLASHCARD QUESTION
Front
Calculate the simple interest earned on $2,000 at a rate of 4.6% over 4 years.
Back
Interest = $2,000 × 0.046 × 4 = $368.
Tags
CCSS.7.RP.A.3
7.
FLASHCARD QUESTION
Front
If Mark borrows $20,000, which loan option will cost him the least amount of money?
Back
The loan with 4.75% simple interest for 3.5 years will cost him the least.
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