TRUE OR FALSE

1) Monthly means twelve periods in one year.

2) The formula for compound interest is F = P ( 1 + i )^n

3) The interest earned on a deposit or charged against a loan depends on P, r, and t.

4) t– represent time.

5) F = P + I is the formula that we can used for Future Value

6) Date when the total amount is due is called maturity date.

7) The rate of interest refers to the percentage of the principal per year. It is generally expressed in terms of peso.

8) The principal is also known as the present value​