Simple Interest Concepts

Simple Interest Concepts

Assessment

Flashcard

Business

12th Grade

Practice Problem

Hard

Created by

KHANYA SIGWELA

FREE Resource

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30 questions

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1.

FLASHCARD QUESTION

Front

P in the simple interest formula

Back

Principal amount (initial loan or investment)

2.

FLASHCARD QUESTION

Front

R in the simple interest formula

Back

Interest rate (as a decimal → divide % by 100)

3.

FLASHCARD QUESTION

Front

T in the simple interest formula

Back

Time (in years)

4.

FLASHCARD QUESTION

Front

The time variable represents time in years in the simple interest formula.

Back

Time is measured in years.

5.

FLASHCARD QUESTION

Front

If the principal amount is increased in the simple interest formula, the total interest earned or paid increases.

Back

Higher principal amounts lead to more interest.

6.

FLASHCARD QUESTION

Front

If the interest rate is increased in the simple interest formula, the total interest earned or paid increases.

Back

A higher interest rate results in greater interest.

7.

FLASHCARD QUESTION

Front

The relationship between time and interest in simple interest calculations is directly proportional; as time increases, interest increases.

Back

Longer durations yield more interest.

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