Finance Midterm EXAM

Front

What is the formula to calculate simple interest?

Back

Simple Interest = Principal × Rate × Time

Front

If Eddie Foster packs 480 packs of pens at a rate of $0.235 per pack, how much did he earn?

Back

$112.80

Front

What is the percentage formula to find a discount?

Back

Discount = (Original Price × Discount Rate) / 100

Front

If Frank deposits $350 at an annual interest rate of 4%, how much interest does he earn in 3 years?

Back

$42

Front

What is the formula to convert a fraction to a percentage?

Back

Percentage = (Fraction × 100)%

Front

Back

45%.

Front

If 20% of a number is 60, how do you find the number?

Back

Number = 60 / 0.20 = 300

Front

What does 'principal' mean in finance?

Back

Principal is the initial amount of money deposited or invested.

Front

What is the meaning of 'rate' in the context of interest?

Back

Rate is the percentage at which interest is calculated on the principal.

Front

How do you calculate the total amount after interest is applied?

Back

Total Amount = Principal + Simple Interest