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8th math Mod16
Personal Financial Literacy
Term | Definition |
---|---|
principal | the initial amount of money borrowed or saved. |
interest | the amount of money charged for borrowing or using money. |
compound interest | interest earned or paid on principal and previously earned or paid interest. |
simple interest | a fixed percent of the principal. It is found using the formula I=Prt, where P represents the principal, r the rate of interest, and t the time. |