Simple Interest

Front

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

Back

Time

Front

Starting money = $350. Interest rate = 2.5% Time = 3 years. How much interest do you pay?

Back

$26.25

Front

What does the principle (P) represent in the simple interest formula I=Prt?

Back

the amount of money borrowed or deposited

Front

Mrs. Kenny wants to purchase a Wonder Woman statue for $6500 with a simple interest rate of 8% for 5 years. What is the total amount she will pay?

Back

$9100

Front

AJ borrowed $4,000 for 5 years at 6% simple interest rate. How much interest did he pay?

Back

$1,200

Front

Provi borrowed $3,500 for 3 years at 7½% simple interest rate. How much interest did she pay?

Back

$787.50

Front

If you are calculating the simple interest and you are given the time in months, how can you find the time in years?

Back

Divide the months by 12.

Front

Tye puts $300 in a bank account earning 4% interest. How much interest will he earn in 1 year?

Back

$12

Front

Aden borrows $1200 from a bank with 8% simple interest per year. What TOTAL amount will he have to pay back in 2 years? (Hint: the principle + the interest)

Back

$1392

Front

Starting money = $350. Interest rate = 2.5% Time = 3 years. How much interest is earned?

Back

$26.25