Unit 11 Mixed Review
Flashcard
•
Mathematics
•
8th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
What is the formula for calculating simple interest?
Back
Simple Interest = Principal × Rate × Time
2.
FLASHCARD QUESTION
Front
What is the formula for calculating compound interest?
Back
Compound Interest = Principal × (1 + Rate)^Time - Principal
3.
FLASHCARD QUESTION
Front
If a student receives a scholarship and a grant, how do you calculate the total amount they still need to pay for college?
Back
Total Amount Needed = Total Cost - (Scholarship + Grant + Family Contribution)
4.
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 earned.
5.
FLASHCARD QUESTION
Front
How do you calculate the total balance of an investment with compound interest?
Back
Total Balance = Principal × (1 + Rate)^Time
6.
FLASHCARD QUESTION
Front
What is the importance of saving for college?
Back
Saving for college helps cover tuition costs, reduces the need for loans, and can provide financial security.
7.
FLASHCARD QUESTION
Front
How do you determine how much to save each month for a future expense?
Back
Monthly Savings = (Total Amount Needed - Current Savings) / Number of Months Until Expense
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