The price paid for using money is called

principal

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rate

interest

loan

.

10 points

Question 2

_________ interest applies when interest for each year is based on the amount of the loan or investment.

Compound

Simple

Linear

Quadratic

.

10 points

Question 3

_________ interest most often applies to savings accounts, installment loans, and credit cards and is based on the accumulated amount.

Compound

Simple

Linear

Quadratic

.

10 points

Question 4

________ is the amount of money borrowed or invested.

Interest

Principal

Principle

Rate

.

10 points

Question 5

__________ is the percent of the principal paid as interest per time period.

Principal

Interest

Rate

Principle

.

10 points

Question 6

________ is the number of days, months, or years that the money is borrowed or invested.

Rate

Principal

Time

Mortgage

.

10 points

Question 7

_________ value is the amount of the loan plus the interest.

Loan

Maturity

Initial

Opening

.

10 points

Question 8

The ________ interest rate is the lowest rate at which money is loaned to the most preferred borrowers.

main

initial

prime

value

.

10 points

Question 9

________ time is based on counting 30 days in each month.

Exact

Preferred

Ordinary

Common

.

10 points

Question 10

________ time is based on counting the actual number of days in a time period.

Exact

Ordinary

Latent

Preferred