See if you can explain the meaning of the following terms and, where a formula is involved, explain the components of each formula:
a. Simple interest
b. Add-on interest
c. Discount method
d. APR
e. Compounding of interest
f. APY

Question

See if you can explain the meaning of the following terms and, where a formula is involved, explain the components of each formula:
a. Simple interest 
b. Add-on interest
c. Discount method
d. APR
e. Compounding of interest 
f. APY

Quizplus · Accepted Answer

The Answer of See if you can explain the meaning of the following terms and, where a formula is involved, explain the components of each formula:
a. Simple interest 
b. Add-on interest
c. Discount method
d. APR
e. Compounding of interest 
f. APY

See If You Can Explain the Meaning of the Following