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4 Written questions

4 Multiple choice questions

  1. The original amount deposited or borrowed
  2. Simple interest is only calculated on the original balance, but compound interest is calculated on the principal plus the annual balance
  3. Interest that is paid on both the principal and also on any interest from past years.
  4. The interest calculated only on the principal

3 True/False questions

  1. BalanceThe principal plus the interest earned

          

  2. Percent of changeA ratio that compares a number to 100

          

  3. Formula for Compound InterestB = P(1 + r)n (Balance = Principal (1 + rate) ^ time