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Flashcards in Finding Interests Deck (4)
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1
Q

What is an interest rate?

A

The percent that is paid back every year.

2
Q

What is the principal?

A

Amount of money which interest is paid

3
Q

What is simple interest?

A

Interest that is computed based only with the principal, interest rate, and time.

4
Q

What is the formula to find the simple interest?

A

Interest = Principal x Rate x Time

Or i = prt