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Simple Interest
1)What is the formula to calculate Simple Interest? (Time - T, Principal - P, Rate - R)
  

2)What does the "P" represent in the Simple Interest formula?
  

3)If you borrow $1000 at a Simple Interest rate of 5% for 2 years, how much interest will you pay?
  

4)If you invest $5000 at a Simple Interest rate of 3% for 5 years, how much interest will you earn?
  

5)What is the difference between Simple Interest and Compound Interest?
  

6)If you borrow $500 at a Simple Interest rate of 8% for 3 years, what is the total amount you will have to repay?
  

7)If you invest $2000 at a Simple Interest rate of 4% for 1 year, what will be the total amount you will receive at the end of the year?
  

8)What is the Simple Interest on a $3000 loan at a rate of 7% for 6 months?