11 Questions
What is the characteristic of a fixed interest type?
Remains the same throughout the fixed rate term
What is the Annual Percentage Rate (APR) a measure of?
The total cost of a loan, including both the interest rate and any other associated fees
What is the characteristic of a discounted interest type?
Is lower than the lender's standard variable rate, and it’s what a bank will offer its customers for a specific period of time as a promotional deal
What is the prime interest type related to?
The rate of interest set by banks for their best customers
Which type of interest is charged on the principal amount as well as any accumulated interest?
Compound interest
What is the main characteristic of straight commission?
Earnings based on commission alone
Which type of commission includes a basic or fixed salary plus a commission?
Salary plus bonus commission
What is public interest concerned with?
Welfare of the general public and society
In which type of commission is the total earning of the sales agent based on commission rates for different levels of sales?
Graduated commission
What is the additional commission paid to a sales supervisor or head of department based on store sales or the sales of the representatives who work under the supervisor?
Override commission
Which type of commission is usually at a fixed percentage?
Straight commission
Test your knowledge of different types of interest with this quiz. From fixed and variable interest types to APR, prime, discounted, simple, and compound interest, challenge yourself to understand the various forms of interest and their characteristics.
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