VOCABULARY
what does "t" represent when you find the interest owed when you borrow money
What is 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 interest will he pay if he if he takes 2 years to repay the loan?
$192
Calculate the interest earned when:
P = $1050
R = 4.6% pa
T = 2 years
$96.60 in 2 years
Change 69% to a decimal...
0.69
What is does I = PRT stand for?
Interest= Principal x Rate(decimal) x Term
What is simple interest?
The amount paid of money paid or earned over a given time.
Raini has $750 in a savings account that pays 3% simple interest. How much interest will he earn in 9 months?
$16.88 (rounded from 16.875)
Calculate the interest earned when:
P = $250
R = 2.85% pa
T = 3 years
$21.38 in 3 years
(rounded from 21.375)
Change 1.5% to a decimal...
What is 0.015
A sound system has a regular price of $249. Find the total cost if it is on sale for 20% off the original price.
Sales price is $199.02
What is "principal"?
(Other than Mr Connolly...)
An initial amount of money deposited or invested.
Cory charged a $600 TV on his credit card with an interest rate of 21%pa. How much will he owe (altogether) after one month?
$610.50
Calculate the interest earned when:
P = $500
R = 3.75% pa
T = 1 year
$18.75 in 1 year
Change 2.85% to a decimal...
0.0285
(Multiple Choice) A baseball cap at the mall costs $14.95. It is on sale for 30% off the original price. What is the sale price to the nearest cent?
A)$4.49 B)$10.47 C)$10.50 D)$10.65
B)$10.47
What is "R" in the simple interest formula?
Annual interest rate written as a decimal.
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% per annum
Calculate the interest earned when:
P = $3,000
R = 5.5% pa
T = 2 years
$330 in 2 years
Change 6.5% to a decimal
What is 0.065
What is C?
1,000 x 87 x C = 174000
C = 2