Flashcards
Chapter 10 Key Terms
Flashcards do conjunto (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 x Rate x Time
- 5Maturity ValuePrincipal plus interest. Represents amount due on the due date
- 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. In I=P x R x T, the interest plus original principal equals the maturity value of an interest-bearing note
- 9Simple interest FormulaInterest= Principal x Rate x 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
Informações
- Descrição
- Chapter 10 vocab
- Criado por
- Eli Southard · set 2022
- Atualizado
- 18 set 2022
- Visualizações
- 8
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