Simple and compound interest
Flashcard
•
Mathematics
•
7th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What does the 'P' represent in the compound interest formula?
Back
The 'P' represents the principal, which is the amount of money borrowed or deposited.
2.
FLASHCARD QUESTION
Front
What does the 't' represent in the compound interest formula?
Back
The 't' represents time.
3.
FLASHCARD QUESTION
Front
What is the definition of interest?
Back
Interest is money paid to you by a bank for the money you have in a bank account.
4.
FLASHCARD QUESTION
Front
How do you calculate the total amount after 3 years with a principal of $4,000 at a 2% compound interest rate?
Back
The total amount after 3 years is $4,244.83.
5.
FLASHCARD QUESTION
Front
How do you convert a percentage rate to a decimal for use in the compound interest formula?
Back
To convert a percentage to a decimal, divide the percentage by 100.
6.
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, including interest, 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.
7.
FLASHCARD QUESTION
Front
What is the difference between simple interest and compound interest?
Back
Simple interest is calculated only on the principal amount, while compound interest is calculated on the principal and also on the accumulated interest from previous periods.
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