The simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.
The simple interest formula is I=Prt. What does the t represent?
If you are calculating the simple interest and you are given the time in months. How can you find the time in years?
You lend $240 to your friend. He pays you back $30 in interest in one year. What interest rate did you charge your friend?
The compound interest formula is:
A = P(1 + r)t
What does the A represent?
If $1,000 is invested at 16% interest, compounded annually, for five years, what is the ending balance?
What does the rate have to be in?
the time has to be in _____________
The A means ____________ in compound interest
compound means _____________
interest is _________