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4 Written questions

4 Multiple choice questions

  1. The percent a quantity increases or decreases from its original amount
  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 interest calculated only on the principal

3 True/False questions

  1. What is the difference between Compound and Simple Interest?Simple interest is only calculated on the original balance, but compound interest is calculated on the principal plus the annual balance


  2. Interest RateThe rate, usually expressed as a percent, used to calculate interest


  3. PrincipalThe original amount deposited or borrowed


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