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Simple Interest
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Terms in this set (8)
interest
money paid or earned for the use of the money
simple interest
money earned on savings account or investment
proportion
an equation that states that two ratios are equal
I=Prt
Interest = Principal (Rate of interest)(time;usually in years)
ratio
a comparison of two quantities by division
percent
a ration that compares a part to the whole thing using 100
principal
the starting amount/the amount of money borrowed or deposited
rate
what percent interest is charged
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