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

3 True/False questions

  1. InterestThe amount of money paid for the use of borrowed money

          

  2. PrincipalThe original amount deposited or borrowed

          

  3. PercentThe amount of money paid for the use of borrowed money

          

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