Simple and Compound Interest

Front

What does P stand for in the simple interest formula?

Back

principal

Front

The Principal Amount in the simple interest formula is _______________.

Back

the amount of money borrowed or deposited

Front

In the compound interest formula, what does 'A' represent?

Back

the total amount accumulated at end of of n times computation

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

Ann puts $300 in a bank account earning 4% per annum simple interest. How much interest will she earn in 3 years?

Back

36

Front

What is the value for n to compute the total amount for $4000 at 4% interest compounded yearly for 7 years?

Back

n = 7

Front

What is the value for r to compute the total amount Joe will get after 7 years with 4% per annum compounded yearly?

Back

r = 4

Front

Joe places $4000 in a bank for 7 years. The bank offers an interest of 4% per annum compounded yearly. Find the total amount Joe will get after 7 years? Correct your answer to the nearest cent.

Back

5263.73

Front

What is the value for n to compute the total amount for $5000 at 3% per annum compounded half-yearly for 6 years?

Back

n = 12

Front

Nick places $5000 in a bank for 6 years. The bank offers an interest of 3% per annum compounded half-yearly. What is the value for r I would use to compute the total amount Nick will get after 6 years?

Back