What is the formula for simple interest?
I = P × R × T
What is the formula for compound interest?
A = P(1 + R/100)^T
What does 'p.a.' mean in financial maths?
Per annum (per year)
What faculty am I a part of?
Diversity
Find the simple interest on $200 at 5% per year for 2 years.
$20
Find the compound amount on $200 at 10% p.a. for 2 years (yearly compounding).
$242
If you borrow $1000 at 10% simple interest per year, how much interest after 5 years?
$500
How old am I?
26
If $500 earns $75 in interest in 3 years, what is the rate of interest?
5%
If $1000 grows to $1210 in 2 years, what is the rate of interest (compounded yearly)?
10%
Which grows faster: simple or compound interest (for more than 1 year)?
Compound interest
Who is my all time favourite artist?
Mac Miller
A sum of money amounts to $720 in 3 years at 8% p.a. simple interest. Find the principal.
$600
Find the compound interest on $500 at 8% per year for 3 years (yearly compounding).
$129.86
If $500 grows to $605 after 2 years, was it simple or compound interest?
Compound interest
How many classes do I currently teach?
3
James invested $1000 at 6% p.a. simple interest. After how many years will the interest be $420?
7 years
If $2000 becomes $2662 in 3 years, find the rate of interest (compounded yearly).
10%
Why do banks prefer to use compound interest instead of simple interest?
It earns them more money over time.
What is my cats name?
Malcom