12 MAE Simple and Compound Interest 1

12 MAE Simple and Compound Interest 1

Assessment

Flashcard

Mathematics

12th Grade

Hard

Created by

Wayground Content

FREE Resource

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18 questions

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1.

FLASHCARD QUESTION

Front

The principle in the simple interest formula I=Pin is

Back

the amount of money borrowed or deposited

2.

FLASHCARD QUESTION

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

3.

FLASHCARD QUESTION

Front

Interest Rates must be converted into ____ before multiplying.

Back

decimals

4.

FLASHCARD QUESTION

Front

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

Back

$153

5.

FLASHCARD QUESTION

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

6.

FLASHCARD QUESTION

Front

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

Back

$26.25

7.

FLASHCARD QUESTION

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

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