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Chapter 10.0

Vocabulary

QuestionAnswer
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.
Created by: snowdens
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