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20 questions
The simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.
the amount of money borrowed or deposited
the percent interest for his year
the amount taxed
the amount the bank owes you for being a customer at their bank
The simple interest formula is I=Prt. What does the t represent?
Principle
Interest
Time
Percent Rate
If you are calculating the simple interest and you are given the time in months. How can you find the time in years?
divide 12 by the months
divide the months by 12
multiply 12 times the months
change the months to a decimal
You lend $240 to your friend. He pays you back $30 in interest in one year. What interest rate did you charge your friend?
88%
20%
12.5%
10%
The compound interest formula is:
A = P(1 + r)t
What does the A represent?
The amount of interest earned.
The amount of time that has passed.
The total amount of money after a certain amount of time.
The amount required to invest.
If $1,000 is invested at 16% interest, compounded annually, for five years, what is the ending balance?
$1,225,54
$2,100.34
$22,255.40
$225.54
What does the rate have to be in?
scientific notation
negative integers
positive integers
decimal
the time has to be in _____________
years
months
days
seconds
The A means ____________ in compound interest
annual
amount in account
answer
accrued debt
compound means _____________
principle added into the interest
principle subtracted from the interest
just interest
flovela
interest is _________
extra money paid for borrowing
interesting
Flocabulary songs
time times rate
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