Interest (Grade 11 NSC Matric Mathematical Literacy): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What amount is simple interest always calculated on?
What amount is simple interest always calculated on?
The original principal only
What type of growth pattern does simple interest create on a graph?
What type of growth pattern does simple interest create on a graph?
A straight line (linear growth)
What is compound interest calculated on?
What is compound interest calculated on?
Principal plus accumulated interest
What does a compound interest graph look like?
What does a compound interest graph look like?
A curved line getting steeper
R500 at 10% for 3 years: what's the difference between compound and simple interest totals?
R500 at 10% for 3 years: what's the difference between compound and simple interest totals?
R15.50
In the formula , what does represent?
In the formula , what does represent?
Initial amount invested (principal)
In the formula , what does represent?
In the formula , what does represent?
Number of times interest calculated
Why do banks prefer compound interest over simple interest?
Why do banks prefer compound interest over simple interest?
It generates more money over time
If annual interest is 7.5% compounded monthly, what is the monthly rate as a decimal?
If annual interest is 7.5% compounded monthly, what is the monthly rate as a decimal?
0.00625
What happens to the difference between simple and compound interest over longer periods?
What happens to the difference between simple and compound interest over longer periods?
The difference becomes bigger