AMDM - Unit 7 Test
Flashcard
•
Mathematics
•
12th Grade
•
Practice Problem
•
Hard
+6
Standards-aligned
Wayground Content
FREE Resource
Student preview
15 questions
Show all answers
1.
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.
Tags
CCSS.7.RP.A.3
2.
FLASHCARD QUESTION
Front
How is compound interest calculated when compounded quarterly?
Back
To calculate compound interest compounded quarterly, use the formula A = P(1 + r/n)^(nt), where A is the amount of money accumulated after n years, 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.
3.
FLASHCARD QUESTION
Front
What does it mean to invest a fixed amount monthly?
Back
Investing a fixed amount monthly means contributing a set dollar amount into an investment account at regular intervals, which can help in building wealth over time through the power of compounding.
Tags
CCSS.HSF.BF.A.2
4.
FLASHCARD QUESTION
Front
What is the formula for future value of a series of cash flows?
Back
The future value of a series of cash flows can be calculated using the formula FV = Pmt × (((1 + r)^nt - 1) / r), where Pmt is the payment amount per period, r is the interest rate per period, and nt is the total number of payments.
5.
FLASHCARD QUESTION
Front
What is the significance of a down payment in a loan?
Back
A down payment is an upfront payment made when purchasing an expensive item, such as a car or house, which reduces the amount of the loan needed and can affect the interest rate.
Tags
CCSS.7.RP.A.3
6.
FLASHCARD QUESTION
Front
How do you calculate the total cost of a car including taxes and fees?
Back
To calculate the total cost of a car, add the purchase price, taxes (calculated as a percentage of the purchase price), and any additional fees (like registration and title fees).
Tags
CCSS.6.RP.A.3C
7.
FLASHCARD QUESTION
Front
What is the effective interest rate?
Back
The effective interest rate is the actual interest rate an investor earns or pays in a year, taking into account the effects of compounding.
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