Finding Interests Flashcards
1
Q
What is an interest rate?
A
The percent that is paid back every year.
2
Q
What is the principal?
A
Amount of money which interest is paid
3
Q
What is simple interest?
A
Interest that is computed based only with the principal, interest rate, and time.
4
Q
What is the formula to find the simple interest?
A
Interest = Principal x Rate x Time
Or i = prt
