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Hawkins Connections

Algebraic Connections Chapter 8 Vocabulary

Sales tax A percent of the cost of an item added to the cost of the item
Interest The dollar amount we get paid for lending money or pay for borrowing money
Rate Given as a percent and varies from bank to bank
Discounted loan Collecting interest on a loan at the time the loan is made
Future value The principal plus interest amount or amount due
Compound interest Interest computed on original principal as well as accumulated interest
Installment buying When you repay a loan for the cost of a product on a monthly basis
Total installment price The sum of all monthly payments plus the down payment
APR Annual percentage rate per year
Payoff amount The total amount due on the day that a loan is paid off early
Mortgage A long term loan for the purpose of buying a house
Variable-rate mortgage Payments change from time to time depending on the changes in the interest rate (also known as adjustable-rate mortgage)
Percents Numbers expressed as a part of 100 (means per 100)
Discount A percent of the original price of an item, reducing the cost of the item (also the interest that is deducted from a discounted loan)
Principal The amount of money we deposit or borrow (also known as present value)
Simple Interest Interest calculated only on the principal
Banker's rule Allows financial institutions to use 360 days for 1 year instead of 365
Effective annual yield The simple interest rate that produces the same amount of money in an account at the end of one year as when the account is subjected to compound interest at a stated rate (also known as effective rate)
Amount financed The amount the consumer borrows (cash price - down payment)
Finance charge The interest on the installment loan
Unearned interest The amount by which the finance charge is reduced when a loan is paid off early
Revolving credit Open-ended installment loan (most common type is a credit card)
Fixed-rate mortgage The rate doesn't change and you have the same monthly payment during the entire time of the mortgage loan
Points An amount of money the buyer pays to the lending institution
Created by: thawkins