This topic focuses on understanding the components of the simple interest formula (I = PRT), where "I" stands for Interest, "P" represents the Principal, "R" is the Rate, and "T" denotes Time. It aims to clarify the meanings of these variables within the context of calculating simple interest, a fundamental concept in financial mathematics related to percents and interest calculations. The questions in this topic challenge learners to identify what each symbol in the formula represents, ensuring learners comprehend the basic structure and application of simple interest.

Work on practice problems directly here, or download the printable pdf worksheet to practice offline.