12 MAE Simple and Compound Interest 1

Front

The principle in the simple interest formula I=Pin is

Back

the amount of money borrowed or deposited

Front

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

Back

divide the months by 12

Front

Interest Rates must be converted into ____ before multiplying.

Back

decimals

Front

Interest earned on $1,500 at 3.4% interest rate in 3 years?

Back

$153

Front

Find the total amount in the account to the nearest cent if the interest is compounded annually. $2750 at 8% for 2 years

Back

$440

Front

Starting money = $350. Interest rate = 2.5% Time = 3 years. How much interest is earned?

Back

$26.25

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

Emily's parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semi-annually, what will be the balance after 18 years?

Back

$6,427.94

Front

The population of Australia was 24.8 million in 2018 with an annual growth rate of 1.32%. If the population continues to grow at the same rate, use the compound interest formula to estimate the population in 2080

Back

55.9 million

Front

Georgia invests $5800 in an account that earns interest at the rate of 2.7% p.a. compounding weekly. Calculate how much is in her account after three years using the compound interest formula.

Back

$6,282.60