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 is simple interest?
Back
Simple interest is the interest calculated on the principal amount only, without compounding.
2.
FLASHCARD QUESTION
Front
What is the formula for calculating simple interest?
Back
The formula for simple interest is I = Prt, where I is the interest, P is the principal, r is the rate of interest per year, and t is the time in years.
3.
FLASHCARD QUESTION
Front
If you have a principal of $1000, a rate of 5%, and a time of 3 years, how much simple interest will you earn?
Back
You will earn $150 in simple interest.
4.
FLASHCARD QUESTION
Front
What is compound interest?
Back
Compound interest is the interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods.
5.
FLASHCARD QUESTION
Front
How does compound interest differ from simple interest?
Back
Compound interest is calculated on the total amount (principal + interest) at each compounding period, while simple interest is calculated only on the principal.
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, n is the number of times that interest is compounded per year, and t is the number of years.
7.
FLASHCARD QUESTION
Front
What does it mean to compound interest annually?
Back
Compounding interest annually means that the interest is calculated and added to the principal once per year.
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