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# CH 7 Math

### Vocab

Question | Answer |
---|---|

What is balance? | It is the principle + the earned interest. ex: B = p(1 + r)n ( the n is an exponent) replace p w/ 400, r w/ 0.05, and n w/ 4.B = 400(1 + 0.05)4 ( the four is an exponent)B = $486.20 |

What is are compound inequalities? | They are two inequalities joined by the word AND or the word OR.ex: x > 4 and x 6 |

What is a compound interest? | It is interest paid on both the principal and the interest earned in previous interest periods.ex: (see formula used for balance) 500(1 + 0.05)6 (the six is an exponent), or $670.05 The compound interest is $670.05 - 500 or $170.05 |

What are consecutive integers? | They are a seqequence of integers obtained by counting by ones from any integer.ex: -5, -4, -3 |

What is interest? | A sum paid or charged for the use of money or for borrowing money. NO EXAMPLE SHOWN |

What is an interest rate? | The percentage of the balance that an account or investment earns in a period of time.ex: a saving account pays 2 and 1/4% per year. |

What is a principal? | The initial amount of an investment or loan. NO EXAMPLE SHOWN |

What is a simple interest? | Interest paid only on the principle, the initial amount invested or borrowed.ex: simple interest on $1000 at 5% for 2 yrs or 1000 * 0.05 * 2 or $100. |

Created by:
ling97