
Topic 6 Compounding Interest Review
Flashcard
•
Mathematics
•
9th - 12th Grade
•
Practice Problem
•
Hard
Standards-aligned
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15 questions
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1.
FLASHCARD QUESTION
Front
What is compound interest?
Back
Compound interest is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods.
2.
FLASHCARD QUESTION
Front
How is compound interest different from simple interest?
Back
Compound interest is calculated on the initial principal and also on the accumulated interest of previous periods, while simple interest is calculated only on the principal amount.
Tags
CCSS.7.RP.A.3
3.
FLASHCARD QUESTION
Front
What is the formula for calculating compound interest?
Back
The formula for compound interest is A = P(1 + r/n)^(nt), where A is the amount of money accumulated after n years, P is the principal amount, r is the annual interest rate (decimal), n is the number of times that interest is compounded per year, and t is the number of years.
4.
FLASHCARD QUESTION
Front
What does 'compounded monthly' mean?
Back
Compounded monthly means that the interest is calculated and added to the principal balance once every month.
5.
FLASHCARD QUESTION
Front
What does 'compounded semi-annually' mean?
Back
Compounded semi-annually means that the interest is calculated and added to the principal balance twice a year.
Tags
CCSS.HSF-LE.A.1C
6.
FLASHCARD QUESTION
Front
What does 'compounded continuously' mean?
Back
Compounded continuously means that the interest is calculated and added to the principal balance an infinite number of times per year, leading to the formula A = Pe^(rt), where e is Euler's number.
7.
FLASHCARD QUESTION
Front
How do you convert a percentage interest rate to a decimal?
Back
To convert a percentage interest rate to a decimal, divide the percentage by 100. For example, 6.75% becomes 0.0675.
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