Consumer Mathematics B exam 2024 with 100% correct answers

Compound interest (lesson 105) - correct answer Simple interest - correct answer the interest paid on the original principal compound interest - correct answer computed not only on the principal, but also on interest already earned How to determine compound interest - correct answer 1. the simple interest formula can be used repeatedly 2. With compound interest, the interest earned on the original principal amount must be found first 3. The interest can then be added to the principal amount to find the total of the loan at the end of one period 4. calculate the interest for the new total for the next period, and so on Interest can be compounded: - correct answer annually (once a year) semiannually (twice a year) quarterly (four times a year) monthly (12 times a year) daily (365 times a year) Interest Earned Formula - correct answer Interest Earned = New Principal - Original Principal Value of Investment Formula - correct answer Value of Investment = Principal * Factor from Compound Interest Tables MONTHL