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4 cards from this section. Quick, good the night before a test.
What is the formula for Simple Interest?
Think about the components of the formula.
How do you define Compound Interest?
Consider how CI differs from SI.
What is the main difference between Simple Interest and Compound Interest?
Think about how interest is calculated for both.
True or False: Compound Interest is always higher than Simple Interest for longer time periods.
Consider how interest accumulates differently.
A person invests $5,000 in a savings account with a 6% simple interest rate for 10 years. Calculate the total amount received at the end of 10 years and discuss how this would compare to a compound interest scenario at the same rate.
Remember to use the SI formula for a straight calculation.
If a loan of $3,000 is charged a 4% interest compounded annually for 5 years, what is the total amount repayable? How would this differ from using simple interest calculations?
Use the CI formula to find the outstanding amount.
5 more questions in this section. Enroll free to practise them all.
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