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What is compound interest?
Interest calculated on the initial principal and accumulated interest
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What is the compound interest formula?
$A = P\left(1 + \frac{r}{n}\right)^{nt}$
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What is APR?
Annual Percentage Rate - the yearly interest rate including fees
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What is the difference between a credit and debit card?
Credit borrows money, debit uses your own money from your account
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What is a mortgage?
A loan used to purchase real estate, secured by the property itself
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What is simple interest?
Interest calculated only on the principal amount
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What is the simple interest formula?
$I = P \times r \times t$
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What is a budget?
A plan for spending and saving money over a specific period
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What is an emergency fund?
Money set aside for unexpected expenses
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What is inflation?
The rate at which prices for goods and services increase over time
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