Account Your Money
The bank account you use for everyday transactions.
What is a Chequing Account?
The proper name for the initial amount of money for investments or loans.
What is Principal amount?
The interest is only generated from the original investment or loan.
What is simple interest?
Interest that is generated from the original investment/loan and the additional interests from previous years.
What is compound interest?
The bank account intended to generate interest.
What is Saving Account?
When used in calculations, it must be written as 0.045.
What is 4.5%
Determine the interest earned on $470 at 4% for 7 years?
$131.60
An account with $5000 with an interest of 3.14% compounded annually. What is the amount in the account after 2 years?
$5318.93
The bank account that is available to young people in school.
What is Student Account?
What is compounding period?
Determine the interest earned with $318 at 9% over one year?
$28.62
$200 in an account that earns interest at a rate of 1.95%/a compounded daily, what is the total amount after 1.5 years?
$205.94
Happens to your monthly fee if you maintain your balance above a certain value.
What is waived fee?
Time it takes to double your investment with an interest rate of 6%
12 years
What is the total amount of money you have in a saving account with $407 at 6% interest for 7 years?
$577.94
Determine the interest generated with $2000 at a rate of 5.14%/a compounded monthly, what is the interest earned after 10 years?
$1340.26
You don't have to go to the bank and find a teller for this type of service.
What is self-service?
What is the interest rate to double your investment in 30 years?
2.4%
What interest rate is the local credit union giving you on a car loan of $25 000 for 5 years if they will collect $1 500 in interest? (Convert to a tenth of a percent)
1.2%
Determine the amount of interest generated with $175 at a rate of 6.5%/a compounded weekly after 9 years?
$139.01