7.1-7.3 quiz answers.docx

7.1-7.3 quiz answers.docx - 7.1-7.3 quiz Interest...

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7.1-7.3 quiz Interest calculated only on principal is called Unless otherwise stated, the rate of interest is always assumed to be determined annually One of the two rates that are often advertised by banks, credit unions, and others is the actual annualized interest rate or _______________. nominal rate Lending institutions often advertise two rates, the actual annualized interest rate, and the equivalent rate that would produce the same final amount at the end of 1 year if the interest being paid were simple rather than compound, which is called the ______________. Question options: effective annual yield In the United States, the Bureau of Labor Statistics publishes the ____________________ figures, which reflect the prices of certain items purchased by large numbers of people such as food, housing, automobiles, fuel, and clothing. CPI) The term ___deflation ___ means a decrease in price levels from one year to the next. A brief period of minor deflation, along with a general economic slowdown, usually is call a __recession ___ The phrase ___consumer credit ___ refers to borrowing money to finance purchases of cars, furniture, appliances, jewelry, electronics, and many other things.
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  • Fall '15
  • Debt, Interest, Credit Protection Act, general economic slowdown

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