Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
PCS Financial Math
Chapter 5 Vocabulary - Savings Accounts
| Term | Definition |
|---|---|
| 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
Popular Math sets