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PCS Financial Math

Chapter 8 Vocabulary - Loans

TermDefinition
single-payment loan a loan that has to be repaid with one payment after a specified period of time
promissory note a written promise to pay a certain sum of money on a certain date in the future
maturity value the total amount that must be repaid on a loan, including the principal borrowed and the interest owed
term the amount of time for which a loan is granted before it has to be repaid
ordinary interest interest on a loan calculated by basing the time of the loan on a 360 day year
exact interest interest on a loan calculated by basing the tie of the loan on a 365 day year
installment loan a loan repaid in equal payments over a specified period of time
down payment a portion of the cash price of an item that has to be paid before financing the rest on credit
amount financed the portion of the cash price that is owed on an item after making the down payment
simple interest installation loan a loan repaid with equal monthly payments
annual percentage rate (APR) an index showing the cost of borrowing money on a yearly basis, expressed as a percent
repayment schedule a schedule showing the distribution of interest and principal payments on a loan over the life of the loan
final payment payment on a simple interest loan that consists of the remaining balance plus the current month's interest
Created by: Ms.Sala