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?