Simple Interest & PoC Flashcard Review

Front

What is Simple Interest?

Back

Simple Interest is the interest calculated only on the principal amount, or the original amount of money deposited or borrowed.

Front

What is the formula for calculating Simple Interest?

Back

The formula for Simple Interest is: SI = P * r * t, where SI is the Simple Interest, P is the principal amount, r is the rate of interest per year, and t is the time in years.

Front

How do you calculate the total amount after applying Simple Interest?

Back

Total Amount = Principal + Simple Interest.

Front

What is Percent of Change?

Back

Percent of Change is a measure of how much a quantity has increased or decreased relative to its original value, expressed as a percentage.

Front

How do you calculate Percent of Change?

Back

Percent of Change = (New Value - Old Value) / Old Value * 100%.

Front

What is an Increase in Percent of Change?

Back

An Increase in Percent of Change occurs when the new value is greater than the old value.

Front

What is a Decrease in Percent of Change?

Back

A Decrease in Percent of Change occurs when the new value is less than the old value.

Front

Calculate the percent of change from 63 to 91.

Back

44.4% Increase.

Front

Calculate the total value on a $5,300 deposit with a simple interest rate of 6% over 9 years.

Back

Total Value = $5,300 + ($5,300 * 0.06 * 9) = $8,162.

Front

What is the percent of change from 135 to 182?

Back

34.8% Increase.