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College Math Unit 3 Final Exam Review

College Math Unit 3 Final Exam Review

Assessment

Flashcard

Mathematics

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

Student preview

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15 questions

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1.

FLASHCARD QUESTION

Front

What is simple interest?

Back

Simple interest is calculated using the formula: I = PRT, where I is the interest, P is the principal amount, R is the rate of interest per year, and T is the time in years.

2.

FLASHCARD QUESTION

Front

How do you calculate the total amount in an account after earning simple interest?

Back

Total Amount = Principal + Interest. Use the formula: A = P + (PRT).

3.

FLASHCARD QUESTION

Front

What is the formula for calculating compound interest?

Back

Compound Interest = P(1 + r/n)^(nt) - P, where P is the principal, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years.

4.

FLASHCARD QUESTION

Front

What is the difference between nominal interest rate and effective interest rate?

Back

Nominal interest rate is the stated rate without taking compounding into account, while effective interest rate (or APY) reflects the actual interest earned or paid on an investment or loan due to compounding.

5.

FLASHCARD QUESTION

Front

How do you calculate the Annual Percentage Yield (APY)?

Back

APY = (1 + r/n)^(nt) - 1, where r is the nominal interest rate, n is the number of compounding periods per year, and t is the number of years.

6.

FLASHCARD QUESTION

Front

What is the significance of compounding frequency in interest calculations?

Back

The more frequently interest is compounded, the more interest will be earned or paid, leading to a higher effective interest rate.

7.

FLASHCARD QUESTION

Front

How do you find the present value of a future amount?

Back

Present Value = Future Value / (1 + r/n)^(nt), where r is the interest rate, n is the number of compounding periods per year, and t is the number of years.

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