Flashcards
Chapter 10 Key Words
Cards in this deck (10)
- 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 x Rate x Time
- 5Maturity ValuePrincial plus interest (if interest is charged). Represents amount due on the due dute.
- 6Ordinary InterestCalculating simple interest using 360 days per year in time.
- 7PrincipalAmount of money that is originally borrowed, loaned or deposited.
- 8Simple Interest FormulaA=P(1+rt)
- 9TimeExpressed as years or fractional years, used to calculate simple interest.
- 10U.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.
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- Flashcards on Chapter 10 Key Words, created by Kathryn Diaz on 02/07/2023.
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- Kathryn Diaz
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