39846287
Description
Flashcards by DaLena Schultz, updated more than 1 year ago
|
Created by DaLena Schultz
over 1 year ago
|
|
| Question | Answer |
| Interest | PrincipalxRatexTime |
| Principal | The amount that was borrowed or deposited |
| Maturity Value | Principal plus interest |
| Simple Interest | Interest=Principal x rate x time |
| Exact Interest | Simple interest and using 365 days of the year |
| Time | years (can be fraction for days) |
| Ordinary Interest | Simple interest with 360 days |
| Banker's Rule | time is exact days/360 |
| U.S. Rule | borrowers to receive proper interest when paying loan off |
Want to create your own Flashcards for free with GoConqr? Learn more.