Karteikarten
Chapter 10 Key Terms
Karten in diesem Stapel (11)
- 1Adjusted BalanceThe balance after partial payment less interest is subtracted from the principal.
- 2Banker's RuleTime is exact days / 360 in calculating simple interest.
- 3Exact InterestCalculating simple interest using 365 days per year in time.
- 4InterestPrincipal * Rate * Time
- 5Maturity ValuePrincipal plus interest (if interest is charged)
- 6Ordinary InterestCalculating simple interest using 360 days per year in time.
- 7PrincipalAmount of money that is originally borrowed, loaned, or deposited.
- 8Simple InterestInterest is only calculated on the principal.
- 9Simple Interest FormulaInterest = Principal * Rate * Time
- 10TimeExpressed as years or fractional years, used to calculate simple interest.
- 11U.S. RuleMethod that allows the borrower to receive proper interest credits when paying off a loan in more than one payment before the maturity date.