What is Simple Interest?
Simple Interest / Compound Interest

Flashcard
•
Mathematics, Business, Life Skills
•
9th - 12th Grade
•
Hard
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16 questions
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1.
FLASHCARD QUESTION
Front
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
How do you calculate Simple Interest?
Back
To calculate Simple Interest, use the formula: I = P * r * t.
3.
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.
4.
FLASHCARD QUESTION
Front
How do you calculate Compound Interest?
Back
Compound Interest can be calculated using the formula: 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.
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 plus any interest that has already been added.
6.
FLASHCARD QUESTION
Front
If you deposit $5,000 at a 2.5% simple interest rate for 3 years, how much interest will you earn?
Back
$375.
7.
FLASHCARD QUESTION
Front
If you lend $240 and receive $30 in interest after one year, what is the interest rate?
Back
12.5%.
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