VOCABULARY
What does "t" represent when you find the interest owed when you borrow money
The amount of time money is borrowed
Emilio's father borrows $1,200 from the bank for a riding lawn mower. the interest rate is 8% per year. how much simple interest will he pay if he if he takes 2 years to repay the loan?
$192
$1050, 4.6%, 2 years
I = ?
$96.60
Change 69% to a decimal
0.69
What do you call the amount paid or earned for the use of money
Simple interest
Raini has $750 in a savings account that pays 3% simple interest. How much interest will he earn in 9 months?
$16.88
$250, 2.85%, 3 years
I = ?
$21.38
Change 1.5% to a decimal
0.015
What do you call the amount of money deposited or invested
Principal
Cory charged a $600 TV on his credit card with an interest rate of 21%. If he has no other charges on the card, how much will he owe after one month?
$610.50
$500, 3.75%, 1 year
What is the interest?
$18.75
Change 2.85% to a decimal
0.0285
In the simple interest forumla, what letter is given to represent the APR?
R
Marcus has $1,800 from his summer job to invest. Suppose he invests the $1,800 for 2 years and earns $144. What is the rate of interest?
4%
$3,000, 5.5%, 2 years
Total amount is?
$3330
Change 6 6/12% to a decimal
0.065