6.21: Simple Interest Difficulty Level: Basic Created by: CK-12 Estimated9 minsto complete % Progress Practice Simple Interest MEMORY METER This indicates how strong in your memory this concept is Practice Progress Estimated9 minsto complete % Estimated9 minsto complete % Practice Now MEMORY METER This indicates how strong in your memory this concept is Share Add to Library Turn In Read Practice Resources Details Loading... Notes/Highlights Having trouble? Report an issue. Color Highlighted Text Notes Show More Vocabulary Language: English ▼ English Compound interest Compound interest refers to interest earned on the total amount at the time it is compounded, including previously earned interest. future value In the context of earning interest, future value stands for the amount in the account at some future time . Interest Interest is a percentage of lent or borrowed money. Interest is calculated and accrued regularly at a specified rate. Interest Rate The interest rate is the percentage at which interest accrues. present value In the context of earning interest, present value stands for the amount in the account at time 0. Principal The principal is the amount of the original loan or original deposit. Simple Interest Simple interest is interest calculated on the original principal only. It is calculated by finding the product of the the principal, the rate, and the time. Image Attributions Show Hide Details Description Covers how to calculate unknowns besides the interest rate, like the amount of time it takes to earn a specific amount of interest. Learning Objectives None Difficulty Level: Basic Authors: Jen Kershaw Kathy Kehrli Tags: interest rate MAT.ARI.761.L.2 percents (1 more) real-world Subjects: mathematics arithmetic math Concept Nodes: MAT.ARI.761 (Simple Interest) Grades: 7 Date Created: Dec 02, 2015 Last Modified: Jan 30, 2017 Vocabulary None Save or share your relevant files like activites, homework and worksheet.To add resources, you must be the owner of the Modality. Click Customize to make your own copy.