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Ch. 7 Vocabulary
Pre-Algebra Ch. 7
Question | Answer |
---|---|
Interest | The amount of money charged for borrowing or using money, or the amount of money earned by saving money. |
Principal | The deposit or the initial amount of an investment or loan |
Simple Interest | Interest paid only on the principal |
Interest Rate | The percentage of the balance that an account or investment earns in a fixed period of time |
Compound Interest | Interest paid on both the principal and the interest earned in previous interest periods |
Balance | Principal plus the earned interest |