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Cards In This Set
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What is interest?
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The amount of money paid for the use of a lendor's money.
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What is simple interest?
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Interest paid only on the the principal in a bank account.
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What is a principal?
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The amount borrowed on a loanor put into an account, on which interest is based.
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What is an annual interest rate?
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The percent of the principalin a bank account earned as interest based on one year.
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How do i calculate simple interest?
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Principal x rate x time
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