MDFL Semester Exam Review Units 4 & 5

Front

What is the recommended amount to save in an emergency savings fund?

Back

3 to 6 months of monthly expenses.

Front

What is the formula for continuous compounding?

Back

Front

If Ruiz invested $3500 at 6% compounded continuously, how much will he have in 12 years?

Back

$7,190.52

Front

What is the formula for compound interest?

Back

Front

How much will Mark pay in total after taking a loan of $25,690 at 5.2% compounded monthly for 5 years?

Back

$33,299.42

Front

What does the 'P' represent in the simple interest formula I=Prt?

Back

The principal, which is the amount of money borrowed or deposited.

Front

Write the equation in Standard Form for A = 7, B = -11, and C = 42.

Back

Front

What is simple interest?

Back

Interest calculated only on the principal amount, not on the interest accrued.

Front

What is the formula for calculating simple interest?

Back

Front

What is the difference between simple interest and compound interest?

Back

Simple interest is calculated on the principal only, while compound interest is calculated on the principal plus any interest that has already been added.