Terminology (Leaving Cert Mathematics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
In simple interest, the interest is calculated on which amount?
In simple interest, the interest is calculated on which amount?
The original principal amount only
How does simple interest behave over time?
How does simple interest behave over time?
It remains constant over time
In the formula , what does represent?
In the formula , what does represent?
Principal amount (initial investment)
What is compound interest calculated on?
What is compound interest calculated on?
Principal & accumulated interest
How does compound interest growth compare to simple interest?
How does compound interest growth compare to simple interest?
It grows faster than simple interest
In the formula , what does represent?
In the formula , what does represent?
Total amount after years
What does APR include besides the interest rate?
What does APR include besides the interest rate?
Additional fees or costs
What does APR measure?
What does APR measure?
Annual cost of borrowing or return
What assumption does AER make about interest?
What assumption does AER make about interest?
Interest is compounded over the year
What is the main purpose of AER?
What is the main purpose of AER?
To compare savings accounts easily