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# QUESTION 1 1. The price paid for using money is called ____________. principal rate interest loan 10 points QUESTION 2 1. _________ interest applies when interest for each year is based on the amount of the loan or investment. Compound Simp

QUESTION 11.The price paid for using money is called ____________.principalrateinterestloan10 pointsQUESTION 21._________ interest applies when interest for each year is based on the amount of the loan or investment.CompoundSimpleLinearQuadratic10 pointsQUESTION 31._________ interest most often applies to savings accounts, installment loans, and credit cards and is based on the accumulated amount.CompoundSimpleLinearQuadratic10 pointsQUESTION 41.________ is the amount of money borrowed or invested.InterestPrincipalPrincipleRate10 pointsQUESTION 51.__________ is the percent of the principal paid as interest per time period.PrincipalInterestRatePrinciple10 pointsQUESTION 61.________ is the number of days, months, or years that the money is borrowed or invested.RatePrincipalTimeMortgage10 pointsQUESTION 71._________ value is the amount of the loan plus the interest.LoanMaturityInitialOpening10 pointsQUESTION 81.The ________ interest rate is the lowest rate at which money is loaned to the most preferred borrowers.maininitialprimevalue10 pointsQUESTION 91.________ time is based on counting 30 days in each month.ExactPreferredOrdinaryCommon10 pointsQUESTION 101.________ time is based on counting the actual number of days in a time period.ExactOrdinaryLatentPreferred10 points