Financial Formulas for Simple and Compound Interest Problems

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7 Terms

1
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Formula A

Used to solve simple interest problems in which you are given or are looking for the amount of interest only.

2
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Formula G

Used to solve compounding interest problems in which there is a recurring investment or payment. It involves a present value where the value of the account is decreasing over time.

3
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Formula D

Used to solve effective rate of interest problems in which you are given or are looking for the nominal rate and compounding period.

4
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Formula B

Used to solve simple interest problems in which you are given or are looking for the total accumulated amount.

5
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Formula F

Used to solve compounding interest problems in which there is a recurring investment or payment. It involves a future value where the value of the account is increasing over time.

6
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Formula E

Used to solve effective rate of interest problems in which you are given or are looking for the accumulated total, initial investment, and time.

7
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Formula C

Used to solve compound interest problems in which the principal amount is a one-time investment.