Comparing Simple and Compound Interest Practice

Flashcard
•
Mathematics
•
7th - 8th Grade
•
Hard
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16 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 calculated on the initial principal and also on the accumulated interest from previous periods. The formula is A = P (1 + r/n)^(nt), where A is the amount of money accumulated after n years, including interest.
3.
FLASHCARD QUESTION
Front
How do you calculate Simple Interest?
Back
To calculate Simple Interest, use the formula: I = P * r * t.
4.
FLASHCARD QUESTION
Front
How do you calculate Compound Interest?
Back
To calculate Compound Interest, use the formula: A = P (1 + r/n)^(nt), where A is the total amount, P is the principal, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years.
5.
FLASHCARD QUESTION
Front
What is the difference between Simple 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 Holly takes a loan of $10,000 at 4% simple interest for 4 years, how much interest will she pay?
Back
Interest = 10,000 * 0.04 * 4 = $1,600.
7.
FLASHCARD QUESTION
Front
If Holly takes a loan of $10,000 at 5% simple interest for 6 years, how much interest will she pay?
Back
Interest = 10,000 * 0.05 * 6 = $3,000.
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