Quiz by Arvin Gara
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_________ amount that a person gets or pays on top of the original investment or loan29
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_________ amount that a person gets or pays on top of the original investment or loan
______________ It refers to the party lending money or extending credit
_______________ it refers to the sum of the principal and interest; sometimes called the future value of the principal amount
_______ refers to an interest computed on the original principal during the whole period of time of borrowing
________ it refers to the period covered from the time that the money (principal) is borrowed until its due date
Time of interest
_______ It refers to the amount of money extended for credit or the amount of money deposited in a bank for safekeeping
The simple interest formula is I=Prt. What does the t represent?
______ it is duedate of the payment of the principal
Period of Time
______ It refers to the charged amount for using the money over a certain period; commonly expressed in percent, but is converted to decimal
AJ borrowed $4,000 for 5 years at 6% simple interest rate. How much interest did he pay?
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