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Simple Interest in Financial Contexts
Worksheet
Grade Level
Grade 7
7.29 Simple Interest in Financial Contexts
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Tariq is solving a problem with I = P × r × t. Which pair correctly matches each variable to its meaning?
A
P = principal, r = time, t = interest rate, I = total amount
B
P = percent, r = principal, t = total, I = time
C
P = principal (starting amount), r = annual rate (decimal), t = time in years, I = interest
D
P = payment, r = remainder, t = tax, I = income
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