Practice: Simple and Compound Interest
Flashcard
•
Mathematics
•
7th - 8th Grade
•
Practice Problem
•
Hard
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10 questions
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1.
FLASHCARD QUESTION
Front
In the formula I = Prt, rates must be converted into ____ before multiplying.
Back
decimals
2.
FLASHCARD QUESTION
Front
In the compound interest formula A=P(1+r)t, what does the A stand for?
Back
The total amount
3.
FLASHCARD QUESTION
Front
In the compound interest formula A=P(1+r)t, what does the P stand for?
Back
The principal amount (original amount)
4.
FLASHCARD QUESTION
Front
How can you find the time in years if given the time in months for calculating simple interest?
Back
Divide the months by 12.
5.
FLASHCARD QUESTION
Front
What is the formula for simple interest?
Back
I=Prt
6.
FLASHCARD QUESTION
Front
How is time calculated in I = Prt?
Back
It must be in years.
7.
FLASHCARD QUESTION
Front
A bank is offering 3% simple interest on a savings account. If you deposit $5,000, how much interest will you earn in 3 years?
Back
$450
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