Chapter 10 Key terms

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Key terms for chapter 10 simple interest
BRANDI MCCAMMON
FlashCards por BRANDI MCCAMMON, atualizado aproximadamente 1 mês atrás
BRANDI MCCAMMON
Criado por BRANDI MCCAMMON aproximadamente 1 mês atrás
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Questão Responda
Adjusted Balance The balance after partial payment less interest is subtracted from the principal.
Banker's Rule Time is exact days, 360 in calculating simple interest.
Exact Interest Calculating simple interest using 365 days per year in time.
Interest Principal x Rate x Time
Maturity Value Principal plus interest if interest is changed). represents amount due on the due date.
Ordinary Interest Calculating simple interest using 360 days per year in time.
Principal Amount of money that is originally borrowed, loaned or deposited
Simple Interest Interest 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
Simple Interest Formula Interest= Principal x Rate x Time Principal= Interest/ Rate x Time Rate= Interest/ Principal x Time Time= Interest/ Principal x Rate
Time Expressed as years or fractional years used to calculate simple interest
U.S. Rule Method that allows the borrower to receive proper interest credits when paying off a loa in more than one payment before the maturity date.

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