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8th Unit 3
Equations and Inequalities
Term | Definition |
---|---|
Annual percentage rate (APR) | annual percentage rate applied to the balance on a loan compounded monthly |
Car title loan | a high-interest, short term loan of cash for which an automobile title is required as collateral |
Coefficient | a number that is multiplied by a variable(s) |
Collateral | something which is pledged to secure repayment of a loan; in the event of default on the loan, the collateral is forfeited |
Compound interest for a loan | interest that is calculated on the latest balance |
Compound interest for an investment | interest that is calculated on the latest balance |
Constant | a fixed value that does not appear with a variable(s) |
Credit | buying or obtaining goods or services now with an agreement to pay in the future |
Equation | a mathematical statement composed of algebraic and/or numeric expressions set equal to each other |
Inequality | a mathematical statement composed of algebraic and/or numeric expressions set apart by an inequality symbol |
Order of operations | the rules of which calculations are performed first when simplifying an expression |
Payday loan | a high-interest, short term loan that is repaid when the borrower receives their next paycheck |
Principal of a loan | the original amount borrowed |
Principal of an investment | the original amount invested |
Simple interest for a loan | interest that is calculated only on the principal amount of the loan |
Simple interest for an investment | interest paid on the original principal in an account, disregarding any previously earned interest |
Solution set | a set of all values of the variable(s) that satisfy the equation or inequality |
Variable | a letter or symbol that represents a number |