7. In calculating compound interest, the new principal for each interval becomes:
a. The same as the previous principal c. Increasingly complex
b. Larger
d. Smaller

8. Jenny has a savings account that earns compound interest on the last day of each month. If she
wanted to make a large withdrawal, it would be best to do it:
a. On the first day of the month
b. On the last day of the month
c. At any time of the month, since interest is only added once a month.
d. On the next-to-last day of the month

9. Gerald agreed to pay his car loan back within one year, this one-year period is known as:
a. The loan term
c. Repayment term
b. The maturity term
d. Payment period

10. When the interest earned is added to the principal at regular intervals, it is known as:
a. Future interest
c. Re-interest
b. Compounding
d. Additional gain​