Simple and Compound Interest 8.12D

Front

The principle in the simple interest formula I=Prt is:

Back

the amount of money borrowed or deposited

Front

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

Back

decimal

Front

Write the percent as a decimal: 4.3%

Back

.043

Front

What does the "I" in the interest formula stand for? Options: Principal, Interest, Rate, Time

Back

Interest

Front

What does the "r" in the interest formula stand for?

Back

rate

Front

The Arnold's took out a loan for a home. The amount was $195,000 at a 4% interest rate compounded annually, how much will they have paid after 360 months?

Back

$632,462.51

Front

John deposited $2,000 into a savings account. How much will John have in his account after 7 months at a yearly simple interest rate of 3.25%?

Back

$2037.92

Front

Jared invests $10,000 in a savings account that pays 3% simple interest. How many years will it take for the account to grow to $12,700, if he makes no withdrawals or deposits?

Back

9 years

Front

Equation to find the value of a $5,000 savings account with 4% interest compounded annually after 3 years.

Back

A = 5,000(1 + 0.04)³

Front

Greg takes out a 4-year simple interest car loan for $15000 at a 3% interest rate. How much total money will he owe at the end of 4 years?

Back

$16800