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Earn +20 ptsQ: Why it is called interest?
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Interest calculated not only on the original principle but also on the interest already accumulated is called?
The answer is compound interest
What is the percent of the princaple earned as interest in one year called?
The annual (or annualised) interest rate.
The accumulation of funds over time where previous interest earned remains in the account to earn additional interest is called?
compounding interest.... i think
What interest applies when interest for each year is based on the amount of the loan or investment?
When each interest calculation uses the initial amount, this is called Simple Interest. The other type is Compound Interest, which uses the current balance as the basis for interest calculation.
Who charges the highest on interest rate loans?
They are called loan sharks.
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