QUESTION 1
1.The price paid for using money is called ____________.
principal
rate
interest
loan
10 points
QUESTION 2
1._________ 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
1._________ 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
1.________ is the amount of money borrowed or invested.
Interest
Principal
Principle
Rate
10 points
QUESTION 5
1.__________ is the percent of the principal paid as interest per time period.
Principal
Interest
Rate
Principle
10 points
QUESTION 6
1.________ is the number of days, months, or years that the money is borrowed or invested.
Rate
Principal
Time
Mortgage
10 points
QUESTION 7
1._________ value is the amount of the loan plus the interest.
Loan
Maturity
Initial
Opening
10 points
QUESTION 8
1.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
1.________ time is based on counting 30 days in each month.
Exact
Preferred
Ordinary
Common
10 points
QUESTION 10
1.________ time is based on counting the actual number of days in a time period.
Exact
Ordinary
Latent
Preferred
10 points
