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Banking Unit

Saving Account: Compound Interest

TermDefinition
Disposable Income Extra income you can spend on fun things
Compound Interest Money earned on the money deposited plus previous interest
Interest Money paid or earned for the use of the money
Annual Compounding Interest compounded once each year
Semiannual Compounding Interest compounded twice per year, or every six months
Quarterly Compounding Interest compounded four times per year, or every three months
Monthly Compounding Interest compounded twelve times per year, or once every month
Daily Compounding Interest compounded every day. There are 365 days in a year and 366 days in a leap year.
Future Value Total amount of money saved/borrowed
Principal The original money saved/borrowed
Created by: yelena585
Popular Finance sets

 

 



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