Podcast
Questions and Answers
What is the purpose of using the simple interest formula?
What is the purpose of using the simple interest formula?
- To calculate the total amount of money in your bank account
- To calculate how much money your principal investment will earn you (correct)
- To determine the monthly interest rate
- To estimate the amount of money needed for an investment
In the simple interest formula I = prt, what does 't' represent?
In the simple interest formula I = prt, what does 't' represent?
- Time the money needs to sit to earn interest (correct)
- Interest rate per year
- The total amount of money invested
- The initial principal invested
If you deposit $1000 and earn 5% interest over 2 years, what would be the interest earned using the simple interest formula?
If you deposit $1000 and earn 5% interest over 2 years, what would be the interest earned using the simple interest formula?
- $200
- $50
- $100
- $150 (correct)
How is percent change different from simple interest?
How is percent change different from simple interest?
When you see a sale advertising '50% off!', what concept related to percents are you dealing with?
When you see a sale advertising '50% off!', what concept related to percents are you dealing with?
What is the total amount you would have to pay back to Steve if you borrowed $800 for 2 years at 7% interest?
What is the total amount you would have to pay back to Steve if you borrowed $800 for 2 years at 7% interest?
How much would the life-size Bigfoot statue be worth if it increases by 30% from its original price of $800?
How much would the life-size Bigfoot statue be worth if it increases by 30% from its original price of $800?
If you offer a 25% discount on the $1040 asking price for the Bigfoot statue, what price would you be offering the statue for?
If you offer a 25% discount on the $1040 asking price for the Bigfoot statue, what price would you be offering the statue for?
If you need to offer a discount to sell your statue for $912 and initially wanted $1040, what percentage discount are you offering?
If you need to offer a discount to sell your statue for $912 and initially wanted $1040, what percentage discount are you offering?
In the context of the text, how would you find the final bill if a check comes for $32 and you want to leave a 20% tip?
In the context of the text, how would you find the final bill if a check comes for $32 and you want to leave a 20% tip?
