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Variables

100

P represents what?

What is principle

200

T represents what?

What is time

300

R represents what?

What is rate

400

A represents what?

What is the amount

500

N represents what?

What is the number of times you compound

Simple Interest

100

Simple Interest Formula is?

What is I=PRT

200

How do you have to write time?

What is as a fraction

300

3.5% is what as a decimal

What is 0.035

400

Steph deposited $1700 into a new savings account. After 3 years, the interest was computed at a rate of 3%. How much simple interest did she earn?

What is $153

500

Michelle deposited $1180 into a new savings account. After 18 months, the interest was computed at a rate of 2.5%. How much simple interest did she earn?

What is $44.25

Compound Interest Using a Table

100

Use the table from your notes for the following question: Find the rate at which you compound if it is for 9 years with an interest rate of 5.50%

What is 1.640

200

What do you do with the rate you time in the table?

What is multiple by the principle

300

Mrs. Michalisin multiplied her rate of 1.162 by her principle of $500 and got an answer of $581. Is this the compound interest Mrs. Michalisin earned?

What is no

400

Mrs. Leese deposited $5,000 into a savings account that earns 6.25% interest. What is the compound interest after 10 years? 

What is $4,340

500

Josh deposited $250 into a savings account that earns 5.75%. After 14 years, how much does Josh have in his account?

What is $559.25

Compound Interest Formula

100

What is the compound interest formula?

What is A=P(1+r/n)^nt

200

Substitute the following into the compound interest formula

P=400

R=.025

N=12

T=3

What is A=400(1+.025/12)^12*3

300

Substitute the following into the compound interest formula:

P=500

R=4%

N= compounded daily

T=6 months

What is A=500(1+.04/365)^365*.5

400

Substitute the following into the compound interest formula:

Kevin deposited $1200 into a savings account that earns 3.5% interest compounded weekly. What is the amount in his account after 18 months?

What is A=1200(1+.035/52)^52*1.5

500

Find the compound interest earned from the the following scenario:

Michael deposited $3200 into a new savings account that earns 4.25% interest compounded monthly. How much compound interest is earned after 5 years.

What is $756.17

Misc.

100

Your calculator gives you the following answer: 432.534. Round to two decimal places.

What is 432.53

200

Write 3 months as a fraction of a year

What is 3/12

300

Your calculator gives you the answer 34.7254. Round your answer to the nearest hundredths place

What is 34.73

400

What number is associated with compounding quarterly?

What is 4

500

What number is associated with compounding biweekly?

What is 26