question 1 match the term to the correct definition. simple interest variable interest compound interest…

question 1 match the term to the correct definition. simple interest variable interest compound interest fixed interest a certain interest rate is guar; choose a certain interest rate is guaranteed for a period of time - not the duration of the loan. during the time of the loan, the interest rate will not change until the money is repaid. the bank is paying interest only on the money the customer has actually put in the bank interest on your interest 20 pts

question 1 match the term to the correct definition. simple interest variable interest compound interest fixed interest a certain interest rate is guar; choose a certain interest rate is guaranteed for a period of time - not the duration of the loan. during the time of the loan, the interest rate will not change until the money is repaid. the bank is paying interest only on the money the customer has actually put in the bank interest on your interest 20 pts

Answer

Brief Explanations:

Simple interest is calculated only on the principal amount. Fixed - interest rate is guaranteed for a period of time. Variable interest rate can change during the time of the loan. Compound interest is interest on interest.

Answer:

Simple Interest: Interest ON your interest - Incorrect match. Fixed Interest: A certain interest rate is guaranteed for a period of time - not the duration of the loan - Correct match. Variable Interest: During the time of the loan, the interest rate will not change until the money is repaid - Incorrect match. Compound Interest: The bank is paying interest only on the money the customer has actually put in the bank - Incorrect match.