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Financial Literacy

QuestionAnswer
Single-payment loan Single Payment Loans are available when a source of payment is from something other than normal income.
Promissory note a signed document containing a written promise to pay a stated sum to a specified person or the bearer at a specified date or on demand.
Maturity value Maturity value is the amount payable to an investor at the end of a debt instrument's holding period (maturity date).
Term a fixed period to pay back a loan or interest.
Ordinary interest Ordinary interest is interest based on a 360-day year; exact interest, which is sometimes referred to as simple interest, is usually based on a 365-day year, as noted by AllBusiness.
Exact interest Definition of Exact Interest. Interest paid based on the basis of a 365-day/year schedule by a bank or other financial institution as opposed to a 360-day basis (ordinary interest).
Installment loan An installment loan is a loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan.
Down Payment an initial payment made when something is bought on credit
Amount financed Specifically, it is the amount of the loan principal, less prepaid finance charges (loan origination fees, so-called points, adjusted interest, etc.) and any required deposit balance. The amount financed is used to calculate the annual percentage rate.
Annual Percent rate An annual percentage rate (APR) is the annual rate charged for borrowing or earned through an investment, and is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan.
Repayment Schedule An amortization schedule is a table detailing each periodic payment on an amortizing loan (typically a mortgage), as generated by an amortization calculator.
Final payment he last in a series of payments, or the amount needed to pay off a debt: final payment of sth Final payment of the balance must be made at least 60 days prior to closing the account.
Created by: quinnballou