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 choose a certain interest rate is given 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 choose 20 pts

question 1 match the term to the correct definition. simple interest variable interest compound interest fixed interest choose a certain interest rate is given 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 choose 20 pts

Answer

Brief Explanations:

Fixed - interest means a certain interest rate is guaranteed for a period of time. Simple interest is interest paid only on the principal (the money the customer has actually put in the bank). Variable interest rate can change during the time of the loan. Compound interest is interest on your interest.

Answer:

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