Calculating Compound Interest
Flashcard
•
Mathematics
•
11th Grade
•
Hard
Wayground Content
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15 questions
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1.
FLASHCARD QUESTION
Front
What does the P stand for in the compound interest formula?
Back
P stands for the initial amount (principal) invested or borrowed.
2.
FLASHCARD QUESTION
Front
What is the formula for calculating compound interest?
Back
A = P(1 + r/n)^(nt), where A is the amount of money accumulated after n years, including interest, P is the principal amount, r is the annual interest rate (decimal), n is the number of times that interest is compounded per year, and t is the number of years the money is invested or borrowed.
3.
FLASHCARD QUESTION
Front
If you invest $5000 at an interest rate of 3.75% compounded monthly for 25 years, what is the future account balance?
Back
$12,749.30
4.
FLASHCARD QUESTION
Front
What is the total amount paid after borrowing $7,400 at 9.5% interest compounded quarterly for 8 years?
Back
$15,683.28
5.
FLASHCARD QUESTION
Front
How much interest will the Henley's pay on a $195,000 loan at 4.3% interest compounded annually after 30 years?
Back
$494,546.99
6.
FLASHCARD QUESTION
Front
What is the future account balance for a principal of $999 at an interest rate of 5.45% compounded quarterly for 19 years?
Back
$2794.10
7.
FLASHCARD QUESTION
Front
Define 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.
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