VOCABULARY
What does "t" represent when you find the interest owed when you borrow money.
"t" represents the amount of time over which the 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 takes 2 years to repay the loan?
Emilio's father will pay $192 of interest.
P=$96.60 r=4.6% t=2 years - what is I?
I=$8.89
1,000 x 87 x C = 174000 - What is C
What is C = 2
What is the term given to the amount paid or earned on top of the principal?
Simple Interest.
Raini has $750 in a savings account that pays 3% simple interest. How much interest will he earn in 9 months?
Raini earns $16.875 in 9 months.
I=$50, r=0.0285%, t=3 years - what is P?
A sound system has a regular price of $240. You currently have $190 in your bank account and the interest rate is %7. How long will you have to wait until you can afford the sound system?
3.76 years (3 Years and 9 moths)
What is the term given to the initial sum of money 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?
Cory will owe the cost of the TV and the interest accumulated over 1 month. $610.50.
P=$500, r=0.0375%, t=1 year - what is I?
I=$18.75
Multiple Choice. A baseball cap at the mall costs $14.95. It is on sale for 30% off. 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 does "r" represent in the simple interest formula?
"r" is the simple interest rate.
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 simple rate of interest?
If I=$70, t=5 years and 6 months, P=$500 - find "r"
r=0.025 or 2.5%
What does I=prt stand for?
What is Simple interest=pricipal x rate(decimal) x time (years)