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of 11 available terms

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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 amount of money paid for the use of borrowed money
  3. A ratio that compares a number to 100
  4. The original amount deposited or borrowed

3 True/False Questions

  1. Simple InterestThe interest calculated only on the principal

          

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

          

  3. Compound InterestInterest that is paid on both the principal and also on any interest from past years.

          

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