Simple Interest
I have invested $34,000 at 4% for 3 years. What is the total amount of my account worth?
$38,192
I have borrowed $1,240 at 8% compounded annually for 2 years. What is my total payback amount?
$1,446.34
What are the formulas for simple and compound interest?
I=prt
A=p(1+r)t
If you deposited $500 for four years at 6% annual interest, compounded annually, and you deposited the same amount in a simple interest account, which account would have more money and how much would the difference be?
Compound interest: $11.24 more
What does the I stand for in the equation I=PRT?
What is Interestz
What is the amount of interest gained on this investment:
$14,000 at 6% for 9 years
$7,560
What is the total amount for an investment of $1,500 at 7% compounded annually for 3 years
$1,837.56
What do each of the following variables mean in the formulas?
I, A, p, r, t
Interest, Total, principal, rate, time
Anne deposited $600 in an account that earns 6% simple annual interest. Shelly deposited $400 in an account that earns 6% annual interest compounded annually. They leave the money in the account for 4 years. Which will have more money in their account? How much more money will they have?
Anne will have more money. She will have $239 more than Shelly
What does the P stand for in both the equations?
I= prt Or A=p(1+r)^n
What is principal.
Find the amount of interest if $1,000 is deposited for one year at 5% simple interest.
$50
What is the amount of interest gained on the following investment:
$55,000 at 16% compounded annually for 2 years
$19,008
What does the simple interest formula give you?
Interest
Which account should they choose to invest your $300 for 5 years.
● Account A earns 5% simple interest per year.
● Account B earns 5% interest compounded annually.
b. How much more do they earn by choosing the better account?
Account B will earn $7.88 more
What does the r stand for in the following equations ?
I=prt Or A=p(1+r)^t
What is the annual interest rate.
(percent represented as a decimal)At the end of one year, what would the total balance on a principal of $500 at 4% simple interest
$520
What is the amount of interest gained on the following investment:
$21,000 at 13.6% compounded annually for 4 years
$13,973
What does the Compound interest formula give you?
Total amount/account balance
Your account balance is $33,297.30. The bank gave you a 7.9% interest compounded annually for 2 years. What was the original amount invested?
$28,600
What does n stand for in the equation given?
A=p(1+r)^t
What is time in years .
I start with $210 at 8% for 7 years. What is the balance in my account?
$327.60
What is the amount of interest gained on this loan:
$130 at 9.4% compounded annually for 2 years
$25.59
Explain for both simple and compound interest: How do you know when you need to do an extra step of either adding or subtracting?
Simple: gives interest, so if it is asking for total you add.
Compound: gives total, so if it is asking for interest you subtract
If you invested $20,600 in an account that earns simple interest and it grew to $23,896 in 2 years, what was the interest rate given by the bank?
8%
What does the A stand for in the following equation?
A=p(1+r)^t
What is the total amount owed or paid at the end of the investment period.