Midterm Overview Fall 2024

Front

How much simple interest would be earned on a savings account of $8,000 at 4% interest per year after 36 months?

Back

$960

Front

What does the 'I' in the interest formula stand for?

Back

Interest

Front

What is the total deposit for $324.75, 15 pennies, 8 nickels, 5 dimes, and 3 quarters?

Back

$326.55

Front

Which of the following does NOT have to appear on a check?

Back

Social Security Number

Front

Which cognitive bias might cause someone to overestimate their abilities after just learning the basics of a subject?

Back

Overconfidence

Front

Define Simple Interest.

Back

Simple Interest is calculated using the formula: I = PRT, where I is interest, P is principal, R is rate, and T is time.

Front

What is the formula for calculating Simple Interest?

Back

I = PRT (Interest = Principal x Rate x Time)