4 Written Questions
4 Multiple Choice Questions
 Simple interest is only calculated on the original balance, but compound interest is calculated on the principal plus the annual balance
 B = P(1 + r)n (Balance = Principal (1 + rate) ^ time
 The amount of money paid for the use of borrowed money
 I = prt (Interest  principal • rate • time)
3 True/False Questions

Interest Rate → The amount of money paid for the use of borrowed money

Compound Interest → The interest calculated only on the principal

Balance → A ratio that compares a number to 100