Compound Interest (Junior Cert Mathematics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What makes compound interest different from simple interest?
What makes compound interest different from simple interest?
Interest on interest from previous periods
What is the Principal?
What is the Principal?
The amount you start with
In the formula , what does represent?
In the formula , what does represent?
The final amount
In the formula , what does represent?
In the formula , what does represent?
The rate of interest as a decimal
In the formula , what does represent?
In the formula , what does represent?
The time in years
How do you convert 5% to a decimal for the formula?
How do you convert 5% to a decimal for the formula?
Divide by 100 to get 0.05
Why do you add to the interest rate in the formula?
Why do you add to the interest rate in the formula?
To calculate principal and interest together
Why do you raise to the power of the number of years?
Why do you raise to the power of the number of years?
To calculate how interest compounds over years
Where can you find the compound interest formula during your exam?
Where can you find the compound interest formula during your exam?
In the Formulae and Tables book
If you invest €1,000 at 5% for 3 years, what is the final amount?
If you invest €1,000 at 5% for 3 years, what is the final amount?
€1,157.63