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Simple & Compound Interest
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What is the principle amount of a loan that has accumulated $480 in simple interest rate of 3% after 4 years?
$4000
Would you rather start with a penny and double your money daily for 30 days or have $1 million?
Penny
Calculate the compound interest of the following situation: $43,800 at 4.8% for 2 years
$48105.72
Calculate the compound interest of the following situation: $34,100 at 3% for 3 years
$37261.99
Drake puts $300 into an account to use for school expenses. The account earns 4% interest, compounded annually. How much interest will he earn after 2 years?
$24.48
Ms. Perez wants to invest $30,000 into an account that compounds annually. The interest rate at this bank is 2.8%. How much money will be in the account after 3 years?
$32591.22
Bridget put $450 into a savings account that earns 8% simple interest. How much will be in the account after 7 years?
$702
What does the formula for compound interest solve for?
Principle + Interest
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
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
Dan borrowed $2,000 for 1 year at 12% annual simple interest rate. How much interest is that?
$240
What does I stand for?
Interest (Amount)
What does t stand for?
Time (in years)
What does A stand for?
Total Amount
What does r stand for?
Interest Rate
What does P stand for?
Principle (beginning amount)
Formula for _____________ ______________ is A = P(1+r)^t
Compound Interest
Formula for _____________ ______________ is I = Prt
Simple Interest
What does the formula for simple interest solve for?
Interest
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
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