Simple interest i 5 100 prn compound interest a 5 1 100 p r n 1 final amount i 5 a 2 p interest where p is the principal r is the interest rate per period expressed as a percentage n is the number of periods use 1 year 5 52 weeks 5 365 days. Simple vs compound interest.
Which type of interest gives the greater balance.
Comparing simple and compound interest worksheet. Write a function that represents the balance in the account as a function of time t. This quiz requires students to calculate simple and compound interest compare accounts with different interest rates and minimum balances and determine the length of time required for an account to reach a given balance. Computing compound interest using simple interest simon deposits 400 in an account that pays 3 interest compounded annually.
Sarah deposits 1300 into a simple interest account. Effective interest rate of 5 75 compound interest with monthly rests. 5 maths quest maths a year 12 for queensland chapter 1 simple and compound interest worksheet 1 2 1.
I 5 prt use the simple interest formula. Simple and compound interest worksheet 1 write as decimals. 5 400 0 03 1 512 balance 5 p 1 prt use the.
Compare the market simple and compound interest. Comparing simple and compound interest simple interest t principal annual interest balance at end of year 1 1000 00 60 00 1060 00. Interest the amount of new money gained in the account p.
Compound interest with monthly rests to an effective simple interest rate. A real life linked worksheet that teaches pupils the difference between simple and compound interest and gives practice finding them. I prt i.
A 4 b 7 8 c 10 3 d 16 e. Solution mx find the balance at the end of the ﬁ rst year. What is the balance of simon s account at the end of 2 years.
Part of the teks quiz series available for all 7th and 8th grade math teks. The interest rate for the account is 6 15. The 6 simple interest is the better choice as it is higher than the 5 9 p a.
Bob deposits 2500 into a simple interest account. Some of the worksheets for this concept are use simple interest to find the ending compound interest student work name lesson plan simple and compound interest simple and compound interest comparing simple and compound interest grade 11 simple and compound interest compound interest. Copy and complete the second table that shows the balance after 10 years with interest that is compounded annually.
Convert the 5 75 p a. 4 6 5 customer reviews. Simple and compound interest worksheet part c graphing use your calculator to graph the following.
Displaying top 8 worksheets found for simple vs compound interest. Page 4 comparing simple and compound interest grade 11 simple and compound interest worksheet part a equations simple interest is always calculated on the original amount put in. Rate the interest rate given as a decimal t.
Time the number of years the. Principal the amount originally put into the account r. Simple and compound interest review worksheet write a function to represent each problem situation.