Question: What is a loan repaid in equal payments over a specified time period called? Simple interest loan Amortized loan Usury loan All of the choices

What is a loan repaid in equal payments over a specified time period called?

Simple interest loan

Amortized loan

Usury loan

All of the choices are correct.

When interest is earned on interest in addition to interest being earned on the principal amount of an investment, what is this called?

Simple interest

Compound interest

Basic interest

Inflation interest

What would be the annual periodic payments for an ordinary annuity, with a 10 percent compound interest rate, that will have a future value of $1,000 three years from now?

$285 (rounded)

$302 (rounded)

$333 (rounded)

$350 (rounded)

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