UCA Personal Finance Institute-Chapter 3 Vocabulary
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| Flap 2 |
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| Future value interest factor |
a factor multiplied by today’s savings to determine how the savings will accumulate over time |
| Annuity |
a series of equal cash flow payments that are received or paid at equal intervals in time |
| Compounding |
the process of earning interest on interest |
| Present value interest Factor |
a factor multiplied by a future value to determine the present value of that amount |
| Discounting |
the process of obtaining present values |
| Timelines |
diagrams that show payments received or paid over time |
| Annuity due |
a series of equal cash flow payments that occur at the beginning of each period |
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