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Business Math Ch. 4

Vocabulary

QuestionAnswer
The difference between payments and credits during a month from the balance at the end of the previous month. Adjusted Balance Method
A percent that shows the ratio of finance charges to the amount financed. Annual Percentage Rate (APR)
The periodic rate applied to the average daily balance in the account during the billing period. Average Daily Balance Method
interest collected in advance. Bank Discount
The cash received when money is borrowed on a credit card. Cash Advance
The part of a price that is paid at the time of buying on the installment plan. Down Payment
Interest based on exact time and a 365-day year. Exact Interest Method
The sum of the interest and any other charges on an installment loan or purchase. Finance Charge
Money paid to an individual or institution for the privilege of using their money. Interest
Interest based on a 360-day year. Known as the banker's interest method. Ordinary Interest Method
A daily or monthly rate found by dividing the Annual Percentage Rate (APR) by 365 or 12. Periodic Rate
Charges interest on the balance in the account on the last billing date of the previous month. Previous Balance Method
The one for whom an agent acts; the face of a note; the amount on which interest is paid. Principal
Your written promise that you will repay the money to the lender on a certain date. Promissory Note
Interest shown as a percent. Rate of Interest
For a note, the length of time for which the money is borrowed. Time
Created by: acopper
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