Simple and Compound Interest

Front

Paul deposits $4000 in a bank which pays a compound interest rate of 4% per year. How much will he have in 5 years?

Back

$4866.61

Front

Mr Tom borrowed $2000 from a bank. The bank charges a simple interest of 7% per annum. Calculate the interest that he has to pay at the end of 3 years.

Back

$420

Front

I invest $3000 for 4 years at 3% per annum compound interest. Find the total money I have in the bank after 4 years.

Back

$3376.52

Front

If Jarvis borrows $675 for six years at a simple interest rate of 10%, how much interest will he pay?

Back

$405

Front

Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?

Back

$1392

Front

How to convert time in months to years for simple interest calculation? Options: divide 12 by the months, divide the months by 12, multiply 12 times the months, change the months to a decimal

Back

divide the months by 12

Front

Convert the rate given as a percent (%) to a ______ before using it in the simple interest formula.

Back

decimal

Front

6-year investment of $40,000 at 14% interest compounded annually is worth how much now?

Back

$87,798.90

Front

When using the compound interest formula, what is the extra step you must take to get interest? Options: add the principle, subtract the principle, multiply the principle, leave it alone.

Back

subtract the principle

Front

Karl used his credit card to buy a 90-inch HD flat-screen TV for $2,600. The credit card company charges 28% compound interest per year. If Karl made no payments for 2 years, how much would he owe the credit card company?

Back

$4,259.84