Simple and Compound Interest
Flashcard
•
Mathematics
•
7th - 8th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What does the variable A represent in the compound interest formula A = P(1 + r)^t?
Back
The total amount of money after a certain amount of time.
2.
FLASHCARD QUESTION
Front
If a bank offers 7% annual compound interest, how do you express 7% as a decimal?
Back
0.07
3.
FLASHCARD QUESTION
Front
What is the formula for calculating simple interest?
Back
Simple Interest = Principal × Rate × Time
4.
FLASHCARD QUESTION
Front
If Jerry borrowed $4,000 for 5 years at a 6% simple interest rate, how much interest will he pay?
Back
$1,200
5.
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.
6.
FLASHCARD QUESTION
Front
How do you convert a percentage to a decimal?
Back
Divide the percentage by 100.
7.
FLASHCARD QUESTION
Front
What is the total amount in a savings account after 3 years if $1,500 is deposited at 7% annual compound interest?
Back
$1,837.56
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