NAME: ________________________

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4 Written Questions

4 Multiple Choice Questions

  1. The amount of money paid for the use of borrowed money
  2. The rate, usually expressed as a percent, used to calculate interest
  3. The principal plus the interest earned
  4. I = prt (Interest - principal • rate • time)

3 True/False Questions

  1. PrincipalThe original amount deposited or borrowed

          

  2. Formula for Compound InterestI = prt (Interest - principal • rate • time)

          

  3. Simple InterestThe interest calculated only on the principal

          

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