Vocab
Deposits and Withdrawals
Simple Interest
Compound Interest
Compound Interest with a chart
100
A bank account that earns interest.
What is a savings account?
100
The balance of an account that has 1000 dollars in it and gets 250 deposited in it.
What is 1250?
100
The equation to compute simple interest.
What is I=PRT?
100
Interest earned not only on the original principal, but also on the interest earned during previous interest periods.
What is Compound Interest?
100
This is how to find the total number of periods in a compound interest problem.
What is number of periods per year times number of years?
200
Money you give the bank to hold in your savings account.
What is a deposit?
200
The total of an account that has 700 dollars in it, earns 2.50 in interest and has 4.32 in bank fees.
What is 698.18?
200
The unit that time is always expressed as.
What is years?
200
Compounding 4 times a year.
What is Quarterly?
200
How to find the interest rate per period.
What is annual rate divided by number of periods per year?
300
Shows all deposits, withdrawals, and interest credited to your account
What is account statement?
300
The word form of 2,342.70
What is two thousand three hundred forty two and 7 tenths?
300
The variable in I=PRT that is expressed as a decimal.
What is Rate?
300
How to find the total amount of money in the account.
What is principal plus interest?
300
If an account has 6 percent interest compounded quarterly for 2 years, this is the amount that a dollar is worth at the end of the 2 years.
What is 1.12649?
400
Amount of money earning interest.
What is principal?
400
The person who is withdrawaling money.
Who is Dalton Rhodes.
400
How many years 21 days is.
What is 21/365 of a year
400
There is $1,000 in a savings account that earns 4.5% interest compounded monthly. After 2 years, this is how many times it has been compounded.
What is 24 times?
400
If an account is compounded daily for 23 days at 5.5% interest, this is the amount that a dollar is worth at the end of those 23 days.
What is 1.00347?
500
The most common method of computing interest
What is simple interest?
500
The balance of an account that has 5000 dollars in it, earns 3.20 in interest, has 4.00 in bank fees, gets a check of 324.56 deposited in it and 60 dollars withdrawaled.
What is 5263.76?
500
Joyce Tyler deposits $9,000 in an account that pays an annual 5.5% interest rate. This is the amount of money she makes after 2 years.
What is 990?
500
An account that has $1,000 in a savings account that earns 6% interest compounded semiannually. This is the amount in the account at the end of one year.
What is 1060.90?
500
An account computed daily at 5.5% interest for 31 days that starts with 1000 dollars in it has this much money at the end of the 31 days.
What is $1004.68?