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4 Written questions
4 Multiple choice questions
 The original amount deposited or borrowed
 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.
 The interest calculated only on the principal
3 True/False questions

Balance → The principal plus the interest earned

Percent of change → A ratio that compares a number to 100

Formula for Compound Interest → B = P(1 + r)n (Balance = Principal (1 + rate) ^ time