Simple Interest
What is the simple interest for $34,000 at 4% p.a. for 3 years?
$4,080.00
What is the total balance with a principal of $1,240 at 8% p.a. compounded annually for 2 years?
$1,446.34
What is the interest earned with a principal of $1,500 at 7% p.a. compounded annually for 3 years?
$337.56
For the formula
I = PRN
What does I represent?
Interest
If the interest rate is 13% pa, what is the monthly interest rate?
1.08%
What is the simple interest for $210 at 8% p.a. for 7 years?
$117.60
What is the total balance with a principal of $1,030 at 4% p.a. compounded annually for 2 years?
$1,114.05
What is the interest earned with a principal of $7,300 at 7% p.a. compounded annually for 3 years?
$1,9642.81
For the formula
I = PRN
What does R represent?
Interest rate expressed as a decimal
If the interest rate is 8% pa, what is the quarterly interest rate?
2%
What is the total balance for $4,000 at 3% p.a. for 4 years?
$4,480.00
What is the total balance with a principal of $12,700 at 8.8% p.a. compounded annually for 1 year?
$13,817.60
What is the interest earned on an $18,000 deposit at 9% p.a. compounded annually for 6 years?
$12,187.80
For the formula
I = PRN
What does N represent?
Number of time periods
If money is invested for 3 years and the interest is compounded monthly, how many time periods are there?
36
What is the total balance for $20,600 at 8% p.a. for 24 months?
$23,896.00
Jasmine deposits $520 into a savings account that has a 3.5% p.a. interest rate compounded monthly. What will be the balance of Jasmine’s savings account after two years?
$557.65
An investment earns 3% p.a. each year and is compounded monthly. Calculate the total interest after 6 years from an initial investment of $5,000.
$984.74
For the formula
A = P(1+r)n
What does A represent?
Total amount including interest (balance)
If money is invested for 5 years and the interest is compounded fortnightly, how many time periods are there?
130
What is the total balance for $14,000 at 6% p.a. for 108 months?
$21,560.00
Lex invested $1,780.80 in his savings account 6 years ago. His account has an annual interest rate of 6.8% p.a. compounded quarterly. How much is in his account today?
$2,667.61
What is the interest of a $21,000 deposit at 13.6% p.a. compounded fortnightly for 4 years?
$15,014.48
`How doe we find out the interest earned in an investment earning compound interest?
I = A - P
If money is invested for 6 years and the interest is 7.8% compounded monthly, what is the value of "r" and "n"?
Interest rate = 0.6%, r = 0.0065
n = 72