Simple & Compound Interest

Front

The principal in an investment or loan is _________.

Back

the amount of money borrowed or deposited

Tags

CCSS.7.RP.A.3

Front

To earn as much interest as possible, you should open a savings account that earns ______ interest and has the _____ interest rate.

Back

compound ; highest

Front

How to convert time in months to years for simple interest calculation?

Back

Divide the months by 12.

Tags

CCSS.7.RP.A.3

Front

What is the formula for simple interest?

Back

I=Prt

Tags

CCSS.7.RP.A.3

Front

When calculating interest, the rate must be converted into a ____ before multiplying.

Back

decimal

Tags

CCSS.7.RP.A.3

Front

What does P stand for in I = Prt ?

Back

principal

Tags

CCSS.6.EE.B.7

Front

A bank is offering 2.5% simple interest on a savings account. If you deposit $5,000, how much interest will you earn in three years?

Back

$375

Tags

CCSS.7.RP.A.3

Front

Sarah borrowed $18,000 for 4 years at an annual simple interest rate of 7%. What is the total amount she will repay for the car loan?

Back

$23040

Tags

CCSS.7.RP.A.3

Front

A bank is offering 7% annual compound interest on a savings account. If you deposit $1,500, what will be the total amount of money in your savings account after three years?

Back

$1837.56

Front

Kara borrowed $21,000 for 5½ years at an annual compound interest rate of 7.5% to buy a car. What is the total amount she will repay the bank for the auto loan?

Back

$31258.34