Simple and Compound Interest
Flashcard
•
Mathematics
•
7th - 9th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
What is Simple Interest?
Back
Simple Interest is calculated using the formula: I = P * r * t, 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
What is Compound Interest?
Back
Compound Interest is calculated on the initial principal and also on the accumulated interest from previous periods. The formula is 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.
3.
FLASHCARD QUESTION
Front
How do you calculate the total amount to be paid back with Simple Interest?
Back
Total Amount = Principal + Simple Interest. Use the formula: Total Amount = P + (P * r * t).
4.
FLASHCARD QUESTION
Front
How do you calculate the total amount to be paid back with Compound Interest?
Back
Total Amount = Principal * (1 + r/n)^(nt).
5.
FLASHCARD QUESTION
Front
If John borrows $48,000 at 12% interest for 4 years, what is the total amount he will pay back?
Back
$71,040.
6.
FLASHCARD QUESTION
Front
If Robert invests $200 at 20% compounded annually for 3 years, how much will he have in his account?
Back
$345.60.
7.
FLASHCARD QUESTION
Front
What is the formula for calculating Compound Interest?
Back
A = P (1 + r/n)^(nt).
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