I was able to find this:
https://www.reddit.com/r/Bitcoin/comments/6iphd6/recovery_seed_12_words_vs_24_words/And I think it sort of explains it, and I get that if you enter the words into a algorithm it will spit out the right key - but in the case of Ledger, Ledger can store 10+ different cryptocurrencies - how can the addresses of all those currencies be determined by just 24 words? The math escapes me.
Thanks!