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PCS Financial Math

Chapter 5 Vocabulary - Savings Accounts

TermDefinition
savings account a special bank account for storing money for future use
deposit money put into a bank account
withdrawal money taken out of a bank account
account statement a bank statement that shows all deposits, withdrawals, and interest credited to an account
interest the amount of money paid for the use of a lender's money
simple interest interest paid only on the principal in a bank account
principal the amount borrowed on a loan or put into an account, on which interest is based
annual interest rate the percent of the principal in a bank account earned as interest based on one year
compound interest interest earned not only on the principal in a bank account, but also on the interest earned on the account, or interest on interest
daily compounding interest on an account that is computed each day and added to the account balance
annuity an equal amount of money deposited into an account at equal periods of time
ordinary annuity an account in which equal deposits are made at the end of each interest period and start earning interest at the beginning of the next interest period
annuity due an account in which regular deposits are made at the beginning of each interest period and start earning interest immediately
Created by: Ms.Sala