Simple Interest

Front

Amy deposits $200 in the bank for 5 years. She earns 5% interest. How much did she make in interest?

Back

$50

Front

Howard borrowed $4,000 from the bank at an interest rate of 8% for 2 years. How much interest will he pay?

Back

$640

Front

What is the formula for simple interest?

Back

I = P*r*t

Front

What does the I stand for in the simple interest equation?

Back

Interest ($)

Front

What does the P stand for in the simple interest equation?

Back

Principal

Front

What does the r stand for in the simple interest equation?

Back

Rate (% as decimal)

Front

What does the t stand for in the simple interest equation?

Back

Time

Front

Danny earned $100 in interest on $800 that he deposited in the bank for 5 years. What was the interest rate?

Back

2.5%

Front

Lisa earned $20 in interest after leaving her money in the bank for 1 year at a 5% interest rate. How much did Lisa deposit?

Back

$400