Compound Interest Check

Front

Which term is given to the original amount of money that is deposited into an account?

Back

Principal (P)

Front

Which variable is represented by N in the compound interest formula?

Back

Compounding interval

Front

If my savings account compounds weekly, what number is N?

Back

52

Front

Which compounding interval will grow your money the fastest? Options: Weekly, Monthly, Yearly, They all grow your money at the same rate.

Back

Weekly

Front

Which variable of the compound interest formula do banks have control over? Compounding interval, Principal, Years you keep it in the account for

Back

Compounding interval

Front

Which variable of the compound interest formula do you have control over? Compounding interval, Principal, Interest rate

Back

Principal

Front

What was the P in the problem you read?

Back

$5,000

Front

Which is the right way to take the percentage rate and put it in decimal format in your formula?

Back

2.5% is .025

Front

What is the compounding amount for the problem you read?

Back

4

Front

What is the time (T) in the problem you read?

Back

10