2.2 Flashcard Review
Flashcard
•
Mathematics
•
10th Grade
•
Hard
Standards-aligned
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15 questions
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1.
FLASHCARD QUESTION
Front
What is the formula to calculate the Annual Percentage Yield (APY) for a loan compounded daily?
Back
APY = (1 + r/n)^(nt) - 1, where r is the annual interest rate, n is the number of compounding periods per year, and t is the number of years.
2.
FLASHCARD QUESTION
Front
What does it mean when a loan has a grace period?
Back
A grace period is a time frame during which the borrower is not required to make payments, but interest may still accrue.
3.
FLASHCARD QUESTION
Front
What is the significance of the term 'principal' in a loan?
Back
The principal is the original sum of money borrowed or invested, excluding interest.
Tags
CCSS.7.RP.A.3
4.
FLASHCARD QUESTION
Front
How do you convert months into years for the compound interest formula?
Back
To convert months into years, divide the number of months by 12.
5.
FLASHCARD QUESTION
Front
What is the difference between a private loan and a federal loan?
Back
Private loans are offered by private lenders and often have different terms, while federal loans are government-backed and typically have more favorable terms.
6.
FLASHCARD QUESTION
Front
What is the formula for compound interest?
Back
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, 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 it mean for interest to be compounded daily?
Back
Compounding daily means that interest is calculated and added to the principal balance every day.
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