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4 Written questions

4 Multiple choice questions

  1. Simple interest is only calculated on the original balance, but compound interest is calculated on the principal plus the annual balance
  2. The percent a quantity increases or decreases from its original amount
  3. I = prt (Interest - principal • rate • time)
  4. The original amount deposited or borrowed

3 True/False questions

  1. BalanceThe principal plus the interest earned

          

  2. Formula for Compound InterestB = P(1 + r)n (Balance = Principal (1 + rate) ^ time

          

  3. PercentA ratio that compares a number to 100

          

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