Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Adjusted balance | New principle after partial payment. Apply partial payment to interest due, subtract remainder of payment from principle. this is the adjusted balance.
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| Bankers Rule | Time is exact days/360 in calculating simple interest
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| Exact interest | Calculating simple interest using 365 days per year in time
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| Interest (I) | Principle x rate x time = interest
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| Maturity value (MV) | Principal plus interest (if interest is charged)Represents amount due on the due date.
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| Ordinary Interest | Calculating simple interest using 360 days per year in time.
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| Principal (P) | Amount of money that is originally borrowed, loaned, or deposited.
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| 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.
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| Simple Interest formula | Interest = principal x rate x time
principal = interest/rate x time
rate = interest/principal x time
time = interest/principal x rate
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| Time | Expressed as years or fractional years, used to calculate the simple interest.
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| U.S. Rule | Method that allows the borrower to receive proper interest credits when paying off a loan in more that one payment before the maturity date.
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Created by:
snowdens
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