Simple and Compounded Interest
$3,035.72
Find the balance on a deposit of $1,200, earning 9.5% interest compounded semiannually for 10 years.
$11,910.16
Find the balance on a deposit of $10,000, earning 6% interest compounded annually for 3 years.
$17,057.71
Find the balance on a deposit of $15,600, earning 3% interest compounded semiannually for 3 years.
$3,374.59
Find the balance on a deposit of $3,000, earning 4% interest compounded annually for 3 years.
$634.49
Find the balance on a deposit of $500, earning 6% interest compounded quarterly for 4 years.
$71,250.06
Find the balance on a deposit of $54,500, earning 3% interest compounded semiannually for 9 years.
$907.31
Find the simple interest balance on a deposit of $900, earning 3.25% interest for 3 months.
$132
Find the simple interest of $1,200 at 5.5% for 2 years
$100
Find the simple interest of $2,500 at 8% for 6 months
$16
Find the simple interest of $200 at 4% for 2 years
$900
Find the simple interest of $9,000, earning 5% interest for 2 years.
$889.58
Find the balance after earning simple interest of $870 at 3% for 9 months
B= p(1+r)^n
Compound Interest Formula
1
How many interest periods are there if it's compounded annually?
360
How many interest periods are there if it's compounded daily?
12
How many interest periods are there if it's compounded monthly?
4
How many interest periods are there if it's compounded quarterly?
2
How many interest periods are there if it's compounded semiannually?
Simple Interest
Interest only paid on the principal
Compound Interest
Interest paid on the principal and the interest the account has earned.
decimal
Interest rate always has to be written as the _______________
I = prt
Simple Interest Formula
principal
The money you deposit into an account
number of interest periods
What the n in the compound interest formula
principal
What the p in both formulas
interest rate
What the r in both formulas
time in years
What the t in the simple interest formula
$760.95
You deposit $600 in a savings account for 3 years. The account pays 8% annual interest compounded quarterly. What is the final balance of the account?
12
You deposit $600 in a savings account for 3 years. The account pays 8% annual interest compounded quarterly. What is the number of interest periods?
2%
You deposit $600 in a savings account for 3 years. The account pays 8% annual interest compounded quarterly. What is the quarterly interest rate?