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Description
Flashcards by DaLena Schultz, updated 2 months ago
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Created by DaLena Schultz
2 months ago
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| 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 |
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