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4 Written questions

4 Multiple choice questions

  1. The amount of money paid for the use of borrowed money
  2. B = P(1 + r)n (Balance = Principal (1 + rate) ^ time
  3. Interest that is paid on both the principal and also on any interest from past years.
  4. The rate, usually expressed as a percent, used to calculate interest

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. Percent of changeThe percent a quantity increases or decreases from its original amount


  3. PrincipalA ratio that compares a number to 100


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