Simple and compound interest
Flashcard
•
Mathematics
•
7th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is the simple interest formula?
Back
I = Prt, where I is the interest, P is the principal amount, r is the rate of interest, and t is the time in years.
2.
FLASHCARD QUESTION
Front
What does the 'P' in the simple interest formula represent?
Back
The principal amount, which is the amount of money borrowed or deposited.
3.
FLASHCARD QUESTION
Front
What does the 'r' in the simple interest formula represent?
Back
The rate of interest, expressed as a decimal.
4.
FLASHCARD QUESTION
Front
What does the 't' in the simple interest formula represent?
Back
The time in years for which the money is borrowed or invested.
5.
FLASHCARD QUESTION
Front
How do you convert a percentage to a decimal?
Back
Divide the percentage by 100. For example, 4.3% becomes 0.043.
6.
FLASHCARD QUESTION
Front
What is compound interest?
Back
Interest calculated on the initial principal and also on the accumulated interest from previous periods.
7.
FLASHCARD QUESTION
Front
What is the formula for 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, 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.
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