Simple and Compound Interest
Flashcard
•
Mathematics
•
8th Grade
•
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 deposited or borrowed.
2.
FLASHCARD QUESTION
Front
What is the formula for calculating Simple Interest?
Back
The formula for Simple Interest is: SI = P * r * t, where SI is Simple Interest, P is the principal amount, r is the rate of interest per year (in decimal), and t is the time in years.
3.
FLASHCARD QUESTION
Front
How do you convert a percent to a decimal?
Back
To convert a percent to a decimal, divide the percent by 100. For example, 4.3% = 4.3 / 100 = 0.043.
4.
FLASHCARD QUESTION
Front
How do you convert a decimal to a percent?
Back
To convert a decimal to a percent, multiply the decimal by 100. For example, 0.37 = 0.37 * 100 = 37%.
5.
FLASHCARD QUESTION
Front
What is Compound Interest?
Back
Compound Interest is the interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods.
6.
FLASHCARD QUESTION
Front
What is the formula for calculating Compound Interest?
Back
The formula for Compound Interest is: A = P (1 + r/n)^(nt), where A is the amount of money accumulated after n years, including interest, P is the principal amount, r is the annual interest rate (decimal), n is the number of times that interest is compounded per year, and t is the number of years.
7.
FLASHCARD QUESTION
Front
What does 'Principal' mean in finance?
Back
Principal refers to the original sum of money borrowed or invested, before interest.
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