(A quick overview)
This week in class we have been going over simple interest rate.
Basically we will use the simple interest rate formula ( I=p*r*t ) to find the different components.
The letter I stands for the Interest that is earned on the account.
The letter P stands for the Principal that is being deposited or loaned from the bank.
The letter R stands for the Interest Rate that the bank is offering.
The letter T stands for the amount of Time that the money will be invested or the amount of time that the loan will take to pay off.
The multiple choice Practice Page and Answer Key for Simple Interest that I gave my 7th grade class to do over the weekend can be downloaded by clicking here.
Here is a quick video review
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