Simple and Compound Interest

Front

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 years?

Back

$831.10

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8.12.D

Front

3-year investment of $20,000 with 5.2% interest compounded annually. What is the total return?

Back

$23,285.05

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8.12.D

Front

Find the compound interest:
Principal: $1735
Interest Rate: 0.8%
Time: 1 year

Back

$13.88

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8.12.D

Front

What is the formula for simple interest?

Back

I=Prt

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8.12.D

Front

Mr. Diable invested $3,500 in a 7 year CD that pays 4.2% interest compounded annually. How much interest will the CD earn over the 7 years?

Back

$1,168.12

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8.12.D

Front

The principle in the simple interest formula I=Prt is:

Back

the amount of money borrowed or deposited

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8.12.D

Front

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

Back

$1,200

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8.12.D

Front

How to convert time in months to years for simple interest calculation?

Back

Divide the months by 12.

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8.12.D

Front

Convert the rate given as a percent (%) to a ______ before using it in the simple interest formula.

Back

decimal

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8.12.D

Front

Write the percent as a decimal: 4.3%

Back

.043

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8.12.D