Flashcardizz: Simple and Compound Interest

Front

In the simple interest formula I=prt, what does t represent?

Back

time in years

Front

In the simple interest formula, P represents Principal, Principal is the...

Back

initial amount of money borrowed/deposited

Front

Arber borrows $1,200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?

Back

$1392

Front

Calculate the total simple interest on a $35,000 car loan at 3.8% over 4 years.

Back

$5,320

Front

In some investment accounts, interest is computed on interest that has been earned in previous years in addition to the principal amount. What is this called?

Back

Compound Interest

Front

In the simple interest formula, I=prt, what does the I stand for?

Back

interest

Front

How to convert time in months to years for simple interest calculation?

Back

Divide the months by 12.

Front

Write the percent as a decimal: 4.3%

Back

.043

Front

The time has to be in _____________

Back

years

Front

Monthly means how many times a year?

Back

12