Simple Interest
Flashcard
•
Mathematics, Other
•
7th Grade
•
Practice Problem
•
Hard
Wayground Content
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15 questions
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1.
FLASHCARD QUESTION
Front
What is Simple Interest?
Back
Simple Interest is the interest calculated on the principal amount only, without compounding.
2.
FLASHCARD QUESTION
Front
What is the formula for calculating Simple Interest?
Back
The formula is I = PRT, where I is the interest, P is the principal, R is the rate of interest per year, and T is the time in years.
3.
FLASHCARD QUESTION
Front
If the principal is $1,000, the rate is 5%, and the time is 3 years, what is the interest?
Back
I = PRT = 1000 * 0.05 * 3 = $150.
4.
FLASHCARD QUESTION
Front
What does 'P' represent in the formula I = PRT?
Back
'P' represents the principal, which is the initial amount of money borrowed or invested.
5.
FLASHCARD QUESTION
Front
Convert 0.25 to a percent.
Back
0.25 as a percent is 25%.
6.
FLASHCARD QUESTION
Front
Convert 12% to a decimal.
Back
12% as a decimal is 0.12.
7.
FLASHCARD QUESTION
Front
If Anna invests $2,500 at an annual rate of 5%, how much interest will she earn in 4 years?
Back
I = PRT = 2500 * 0.05 * 4 = $500.
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