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4 Written questions

4 Multiple choice questions

  1. The interest calculated only on the principal
  2. The percent a quantity increases or decreases from its original amount
  3. The principal plus the interest earned
  4. B = P(1 + r)n (Balance = Principal (1 + rate) ^ time

3 True/False questions

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


  2. Formula for Simple InterestI = prt (Interest - principal • rate • time)


  3. 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