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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. B = P(1 + r)n (Balance = Principal (1 + rate) ^ time
  3. The amount of money paid for the use of borrowed money
  4. I = prt (Interest - principal • rate • time)

3 True/False Questions

  1. Interest RateThe amount of money paid for the use of borrowed money

          

  2. Compound InterestThe interest calculated only on the principal

          

  3. BalanceA ratio that compares a number to 100

          

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