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 the formula for calculating Simple Interest?
Back
Simple Interest (I) = Principal (P) × Rate (R) × Time (T)
2.
FLASHCARD QUESTION
Front
How do you convert a decimal to a percent?
Back
Multiply the decimal by 100 and add a percent sign.
3.
FLASHCARD QUESTION
Front
What does 'Principal' refer to in the context of interest calculations?
Back
The Principal is the initial amount of money deposited or borrowed before interest.
4.
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.
5.
FLASHCARD QUESTION
Front
How is Compound Interest calculated?
Back
Compound Interest (A) = P(1 + r/n)^(nt), where P is the principal, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years.
6.
FLASHCARD QUESTION
Front
What does the 'R' in the formula I = PRT represent?
Back
'R' represents the annual interest rate, expressed as a decimal.
7.
FLASHCARD QUESTION
Front
What is the difference between Simple Interest and Compound Interest?
Back
Simple Interest is calculated only on the principal amount, while Compound Interest is calculated on the principal plus any interest that has already been added.
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