Interest Basics
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Questions and Answers

Which type of interest does not take into account the interest earned on previous interest?

  • Neither simple nor compound interest
  • Simple interest (correct)
  • Both simple and compound interest
  • Compound interest

    • Which type of interest takes into account the interest earned on previous interest?

  • Simple interest
  • Both simple and compound interest
  • Compound interest (correct)
  • Neither simple nor compound interest

    • Which type of interest is typically used for short-term loans or investments?

  • Both simple and compound interest
  • Neither simple nor compound interest
  • Simple interest (correct)
  • Compound interest

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