Chapter 7 Terms* Flashcards Preview

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Flashcards in Chapter 7 Terms* Deck (6)
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0
Q

Principal Amount (principal)

A

The amount loaned or invested

1
Q

Interest

A

Money charged or earned on money

2
Q

Interest Rate

A

The percent used in computing the interest

3
Q

Simple interest formula

A

Simple interest = principal x rate x time

4
Q

Total amount formula

A

Total amount =principal + interest

5
Q

Compound interest

A

Interest that is computed based on the total amount