Share simple and compound interest
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Find the total amount in the account to the nearest cent if the interest is compounded annually. $2750 at 8% for 2 years.
3207.60
Dan borrowed $2,000 for 1 year at 12% annual simple interest rate. How much interest is that?
240
Erika takes out a loan for $6,500 and will need to pay back 3% simple interest. How much interest will she need to pay after 5 years?
975
Bridget put $450 into a savings account that earns 8% simple interest. How much will be in the account after 7 years?
702
Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?
1392
what does simple interest give you?
the interest
what does compound interest give you?
the total amount
what does this formula A=p(a+r)^2 give you?
total amount
is this the compound formula or simple interest formula A=p(a+r)^2
compound formula
what formula is this ? I=p*r*t compound or simple
simple
what do you need to do when they give you this rate 4%
change it to decimal
the time needs to be in what form months or years?
years
what does the P stand for ?
principal
what does the I stand for?
interest
what does the R stand for?
rate
what does the T stand for ?
time
