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Creado por Veronica Huninghake
hace casi 2 años
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Pregunta | Respuesta |
Interest | Principal x Rate x Time |
Principal | Amount of money that is originally borrowed, loaned, or deposited. |
Maturity Value (MV) | Principal plus interest (if interest is charged). Represents amount due on the due date. |
Simple Interest | Interest is only calculated on the principal. In I=PxRxT, the interest plus original principal equals the maturity value of an interest-bearing note. |
Simple Interest Formula | Simple Interest (I) = Principal (P) x Rate (R) x Time (T) |
Exact Interest | Calculating simple interest using 365 days per year in time. |
Time | Expressed as years of fractional years, used to calculate simple interest. |
Ordinary Interest | Calculating simple interest using 360 days per year in time. |
Banker's Rule | Time is exact days/360 in calculating simple interest. |
U.S. Rule | Method that allows the borrower to receive proper interest credits when paying off a loan in more than one payment before the maturity date. |
Adjusted Balance | The balance after partial payment less interest is subtracted from the principal. |
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