Financial Literacy Question Preview (ID: 44830)
Questions About Interest, Money, Tuition Etc.
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What does the P stand for in the simple interest formula?
a) Principal
b) Mrs. Cochran
c) interest
d) dinosaur
What does the r stand for in the simple interest formula?
a) ravioli
b) Interest rate
c) really hard math
d) reflection
What does the t stand for in the simple interest formula?
a) toes
b) trace
c) time
d) temperature
Wht do you have to do to the interest rate before using it in a problem?
a) pay it
b) add it
c) subtract it
d) Change it to a decimal
The time in an interest problem must be in ...
a) years
b) hours
c) minutes
d) months
On the compound interest formula, where does the time go?
a) on a trip
b) Outside the parentheses as an exponent
c) with the + 1
d) nowhere...leave it out
the Principal is also know as the...
a) percent
b) Mrs. Cochran
c) money
d) Coach Moore
Simple interest formula only gives you the...
a) total
b) dinosaur
c) candy
d) interest
Compound interest only gives you the...
a) total
b) candy
c) dinosaur
d) interest
If using the exact same numbers, compound interest will always give you more money.
a) True, compound always gives more
b) False, they will be the same for the first year.
c)
d)
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