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Year 12 Financial

TermDefinition
future value the sum of money contributed plus the compound interest earned
appreciation an increase in value of an item over time. It is often expressed as the rate of appreciation
annually once a year
biannually every six months or twice a year
compound interest interest calculated from the initial amount borrowed or principal plus any interest that has been earned. It calculates interest on interest
compounding period the length of time between payments in a compound interest investment
declining balance depreciationan annual percentage a method of depreciation when the value of an item decreases by a fixed percentage each time period
credit card a small plastic card used to buy goods and services and pay for them later
credit card statement information sent to the credit card user each month. It includes an account number, opening balance, new charges, payments, refunds, reward points, payments due data minimum payment and closing balance
dividend a payment given as an amount per share or a percentage of the issued price
dividend yield the annual divided by the share's market value and expressed as a percentage
flat rate loan a loan that uses simple interest
inflation a rise in the price of goods and services or consumer price index. It is often expressed as
inflation rate the annual percentage change in the consumer price index
interest the amount paid for borrowing money or the amount earned for lending money
interest rate the rate at which interest is charged or paid. It is usually expressed as a percentage
loan application fee initial cost in processing a loan application
loan repayment the amount of money to be paid at regular intervals over the time period
monthly every month or twelve time a year
mortgage a loan given to buy a house or unit
per annum per year
principal the initial amount of money borrowed
quarterly every three months or four times a year
reducing balance loan a loan calculated on the balance owing not on the initial amount of money borrowed
simple interest a fixed percentage of the amount invested or borrowed and is calculated on the original amount
Created by: wdobson