Jul 15, 2018
Interest is...
Interest is…
Interest: money owed or collected for money borrowed or retained for others use.
Savings Account– earn interest while bank has your money to use.
Credit Card– interest paid on owed money past due date of payment.
Mortgage/Loan– interest paid on balance of outstanding borrowed money.
2 Main Types
Simple Interest: DailyInterestRate X Balance X NumberDatesBetweenPayments
Compound Interest: interest…
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