unit 5 Flashcards
1
Q
Percent error
A
measure of how inaccurate an estimated value is based on the actual value
2
Q
Simple Interest (I)
A
A consistent amount of money paid or earned for the use of money. Loans, bank accounts
3
Q
Principal (P)
A
Initial amount of money (borrowed or deposited)
4
Q
Interest Rate (R) %
A
the percentage of a loan amount (over a length of time) that a borrower must pay for the use of money. 8% per year
5
Q
Time (T)
A
How long it takes to pay back a loan 5 years
