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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
 Interest that is paid on both the principal and also on any interest from past years.
 B = P(1 + r)n (Balance = Principal (1 + rate) ^ time
 The percent a quantity increases or decreases from its original amount
3 True/False questions

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

Principal → The original amount deposited or borrowed

Percent → The amount of money paid for the use of borrowed money