Mastering Compound Interest Concepts
Flashcard
•
Mathematics
•
11th Grade
•
Practice Problem
•
Hard
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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
What is the formula for calculating compound interest?
Back
3.
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 plus any interest that has already been added.
4.
FLASHCARD QUESTION
Front
If you invest $1000 at a 5% annual interest rate compounded annually, how much will you have after 3 years?
Back
After 3 years, you will have approximately $1157.63.
5.
FLASHCARD QUESTION
Front
What is the principal amount in an investment?
Back
The principal amount is the initial sum of money invested or loaned, before any interest is added.
6.
FLASHCARD QUESTION
Front
How does the frequency of compounding affect the total amount of interest earned?
Back
The more frequently interest is compounded, the more interest will be earned, as interest is calculated on previously accumulated interest.
7.
FLASHCARD QUESTION
Front
If an investment of $2000 earns $300 in interest over 3 years, what is the simple interest rate?
Back
The simple interest rate is 5%.
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