Simple Interest Flashcards
Money and ting (2 cards)
1
Q
What is the formula to find simple interest?
A
SI = (P X R X T) / 12
Principal amount times the interest rate times the time divided by 12
2
Q
What is the principal, interest rate and time?
A
Principal - amount of money borrowed or loaned
Interest Rate - rate at which it is given back written in percentage
Time - the length for which the money is borrowed or loaned written in years
