Simple and Compound Interest

Front

3-year investment of $20,000 with 5.2% interest compounded annually. What is the total return?

Back

$23,285.05

Front

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 years?

Back

$831.10

Front

Find the compound interest:
Principal: $1735
Interest Rate: 0.8%
Time: 1 year

Back

$13.88

Front

What is the formula for simple interest?

Back

I=Prt

Front

The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a______.

Back

decimal

Front

The principal in the simple interest formula I=Prt is

Back

the amount of money

Front

Total loan amount: $6600. Simple interest rate: 8% for 5 years. What is the total amount to be paid?

Back

$9240

Front

Alexton the Skeleton borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

Back

$1,200

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

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. What will the value of Jerry's account be after 5 years?

Back

$5,200