Comparing Simple and Compound Interest
Flashcard
•
Mathematics
•
7th - 8th Grade
•
Hard
+1
Standards-aligned
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10 questions
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1.
FLASHCARD QUESTION
Front
In the simple interest formula I=Prt, what does the t represent?
Back
Time
Tags
CCSS.8.EE.C.7B
2.
FLASHCARD QUESTION
Front
The principle in the simple interest formula I=Prt
Back
the amount of money borrowed or deposited
Tags
CCSS.7.RP.A.3
3.
FLASHCARD QUESTION
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
Tags
CCSS.6.RP.A.3D
4.
FLASHCARD QUESTION
Front
In the formula I = Prt, rates must be converted into ____ before multiplying.
Back
decimals
Tags
CCSS.7.RP.A.3
5.
FLASHCARD QUESTION
Front
Holly is taking out a loan in the amount of $10,000. Her choices for the loan are a 4-year loan at 4% simple interest and a 6-year loan at 5% simple interest. What is the difference in the amount of interest Holly would have to pay for each of these two loans?
Back
$1,400
Tags
CCSS.7.RP.A.3
6.
FLASHCARD QUESTION
Front
Nicolas has $650 to deposit into two savings accounts: $400 into Account 1 (3.5% annual simple interest) and $250 into Account 2 (3¼% interest compounded annually). What is the total balance after 2 years? Options: $672.13, $695.00, $694.25, $694.51
Back
$694.51
7.
FLASHCARD QUESTION
Front
Interest earned on both the principal and any previously earned interest is...
Back
Compound Interest
Tags
CCSS.HSF.BF.A.2
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