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Vocab Chs 7 & 8

Financial Lit

QuestionAnswer
Computing the finance charge based on the balance at the end of each day which includes new purchases, any payments or credits made; most companies use this method. average-daily-balance method
Shows the distribution of interest and principal over the life of a loan. repayment schedule
A loan that is repaid with one payment after a specified period of time. single-payment loan
The total amount you must repay. maturity value
Interest that the company charges to a credit account for not paying the total amount owed by the due date. finance charge
Computing the finance charge based on the portion of the previous balance you have not paid. unpaid balance method
Is based on a 360-day year. ordinary interest
Paying the previous balance plus the current month's interest when selling the "loan". final payment
Monthly statement that lists all of the items you purchased and other transactions during a one month period. account statement
Is based on a 365-day year. exact interest
A written statement to pay a certain amount on a specific date in the future. promissory note
A card authorizing purchases on credit. credit card
An existing line of credit at the business that issued it. charge account
A loan that is repaid in equal payments over a specified period of time. installment loan
The amount of time for which the loan is granted. term
The portion of the cash price that you owe after making the down payment. amount financed
A portion of the cash price of the item you are purchasing before financing the rest on credit. down payment
An index which shows the cost of borrowing money on a yearly basis. annual percentage rate
Created by: kristenwoodard