Simple and Compound Interest
Flashcard
•
Mathematics
•
5th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is Simple Interest?
Back
Simple Interest is the interest calculated only on the principal amount, or the original amount of money borrowed or invested.
2.
FLASHCARD QUESTION
Front
What is Compound Interest?
Back
Compound Interest is the interest calculated on the initial principal and also on the accumulated interest from previous periods.
3.
FLASHCARD QUESTION
Front
How do you calculate Simple Interest?
Back
Simple Interest = Principal × Rate × Time.
4.
FLASHCARD QUESTION
Front
How do you calculate Compound Interest?
Back
Compound Interest = Principal × (1 + Rate)^Time - Principal.
5.
FLASHCARD QUESTION
Front
If you deposit $1000 at a simple interest rate of 5% for 3 years, how much interest will you earn?
Back
$150.
6.
FLASHCARD QUESTION
Front
If you deposit $1000 at a compound interest rate of 5% for 3 years, how much will you have?
Back
$1157.63.
7.
FLASHCARD QUESTION
Front
What is the formula for calculating the total amount with Simple Interest?
Back
Total Amount = Principal + Simple Interest.
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