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Practice FLASHCARD:  Simple Interest and Compound Interest

Practice FLASHCARD: Simple Interest and Compound Interest

Assessment

Flashcard

Mathematics

9th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

What is Simple Interest?

Back

Simple Interest is calculated using the formula I = P * r * t, where I is the interest, P is the principal amount, r is the rate of interest per year, and t is the time in years.

2.

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.

3.

FLASHCARD QUESTION

Front

What does the variable 'P' represent in the simple interest formula I = P * r * t?

Back

'P' represents the principal amount, which is the initial sum of money borrowed or invested.

4.

FLASHCARD QUESTION

Front

What does the variable 'r' represent in the simple interest formula I = P * r * t?

Back

'r' represents the rate of interest, expressed as a decimal.

5.

FLASHCARD QUESTION

Front

What does the variable 't' represent in the simple interest formula I = P * r * t?

Back

't' represents the time the money is borrowed or invested, measured in years.

6.

FLASHCARD QUESTION

Front

How do you convert a percentage to a decimal?

Back

To convert a percentage to a decimal, divide the percentage by 100. For example, 5% becomes 0.05.

7.

FLASHCARD QUESTION

Front

Calculate the simple interest on a loan of $8000 at an interest rate of 16.8% for 5 years.

Back

Simple Interest = 8000 * 0.168 * 5 = $6720.

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