Chapter 10.0 Word Scramble
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Question | Answer |
Adjusted balance | New principle after partial payment. Apply partial payment to interest due, subtract remainder of payment from principle. this is the adjusted balance. |
Bankers Rule | Time is exact days/360 in calculating simple interest |
Exact interest | Calculating simple interest using 365 days per year in time |
Interest (I) | Principle x rate x time = interest |
Maturity value (MV) | Principal plus interest (if interest is charged)Represents amount due on the due date. |
Ordinary Interest | Calculating simple interest using 360 days per year in time. |
Principal (P) | 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 the simple interest. |
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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snowdens
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