Simple and Compound Interest Test

Flashcard
•
Mathematics
•
9th - 12th Grade
•
Hard
Wayground Content
FREE Resource
Student preview

15 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is Simple Interest?
Back
Simple Interest is calculated using the formula: I = P * r * t, where I is the interest, P is the principal amount, r is the rate of interest per year, and t is the time in years.
2.
FLASHCARD QUESTION
Front
What is Compound Interest?
Back
Compound Interest is calculated on the initial principal, which also includes all of the accumulated interest from previous periods. The formula 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, n is the number of times that interest is compounded per year, and t is the number of years.
3.
FLASHCARD QUESTION
Front
What is the formula for calculating the total amount with Compound Interest?
Back
The formula is A = P (1 + r/n)^(nt), where A is the total amount, 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.
4.
FLASHCARD QUESTION
Front
If you invest $1,000 at an interest rate of 5% compounded annually for 3 years, what is the total amount?
Back
A = 1000(1 + 0.05/1)^(1*3) = $1,157.63.
5.
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.
6.
FLASHCARD QUESTION
Front
How do you calculate the interest earned on a loan?
Back
Interest earned can be calculated using the formula: I = P * r * t for Simple Interest, or using the Compound Interest formula for loans that compound.
7.
FLASHCARD QUESTION
Front
What is the principal in the context of interest calculations?
Back
The principal is the initial amount of money that is either invested or borrowed before interest.
Create a free account and access millions of resources
Similar Resources on Wayground
15 questions
Compounding Interest & Finding Inverses

Flashcard
•
9th - 12th Grade
15 questions
Compound Interest

Flashcard
•
10th - 12th Grade
15 questions
Compound Interest

Flashcard
•
9th - 12th Grade
10 questions
Flashcard: Compounding and Simple Interest

Flashcard
•
9th - 12th Grade
15 questions
Simple and Compound Interest

Flashcard
•
9th - 12th Grade
15 questions
A1U8 Test Review

Flashcard
•
9th - 12th Grade
15 questions
Simple and Compound Interest Test

Flashcard
•
9th - 12th Grade
15 questions
💯Unit #3 Flashcard

Flashcard
•
9th - 12th Grade
Popular Resources on Wayground
10 questions
Video Games

Quiz
•
6th - 12th Grade
20 questions
Brand Labels

Quiz
•
5th - 12th Grade
15 questions
Core 4 of Customer Service - Student Edition

Quiz
•
6th - 8th Grade
15 questions
What is Bullying?- Bullying Lesson Series 6-12

Lesson
•
11th Grade
25 questions
Multiplication Facts

Quiz
•
5th Grade
15 questions
Subtracting Integers

Quiz
•
7th Grade
22 questions
Adding Integers

Quiz
•
6th Grade
10 questions
Exploring Digital Citizenship Essentials

Interactive video
•
6th - 10th Grade
Discover more resources for Mathematics
12 questions
Graphing Inequalities on a Number Line

Quiz
•
9th Grade
15 questions
Two Step Equations

Quiz
•
9th Grade
15 questions
Slope

Lesson
•
7th - 9th Grade
15 questions
Solving Literal Equations

Quiz
•
8th - 9th Grade
12 questions
Absolute Value Equations

Quiz
•
9th Grade
10 questions
Decoding New Vocabulary Through Context Clues

Interactive video
•
6th - 10th Grade
20 questions
Parallel lines and transversals

Quiz
•
9th - 12th Grade
10 questions
Solving Absolute Value Equations

Quiz
•
9th Grade