AFOQT Exam Prep 20, Simple and Compound Interest

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - To master the simple interest formula (I=Prt) and the basic compound interest formula (A=P(1+r)^t). - Why you must always convert interest rates to decimals and time periods to years before calculating. - The critical difference: simple interest is based only on the initial principal, while compound interest is based on the principal plus accumulated interest. - To identify whether an AFOQT question is asking for the total interest earned or the final account balance, a common exam trap. - How to handle questions that require comparing the outcomes of simple versus compound interest over a specific period. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

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This episode was published on May 18, 2026.

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