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Yr 9 Financial Maths

TermDefinition
Compound Interest Interest calculated on the principal and the interest accumulated over the previous period. Formula for compounding Interest A=P( l + r ) to the power of T Formula to calculate compounding interest earned I=A-P
Wage A fixed amount of money per hour worked. Hours worked outside the normal work period are paid at a higher rate.
Salary A fixed amount of money paid per year (annually), usually paid fortnightly or monthly regardless of the number of hours worked.
Overtime When a wage earner works more than their regular hours each week. These additional payments are often referred to as penalty rates.
Penalty rates Are usually paid at a higher rate for working on weekends, public holidays or at night. normally calculated at either time and a half or double time.
Time sheet Provides details of the number of hours worked by each employee, includes overtime.
Pay slip Provides details of hours worked and the rate for each employee.
Interest Fee charged for the use of someone else's money.
Interest Rates Are quoted as a percentage over a given time period, usually a year.
Principal Money placed in a financial institution eg bank The amount of money you start with
Investors people who place money in a financial institution. They receive interest for the use of their money.
Borrowers Pay interest to financial institutions for using someone else's money.
Simple Interest Interest paid on the principal of an investment. Usually used for short term assets or loans
Formula for Simple Interest I=PrT I= the amount of interest earned or paid P= the principal ( initial amount borrowed or invested r= interest rate as a percentage per annum (yearly) T= Time for which the money is borrowed or invested in years
p.a per annum (yearly)
Created by: Tania L Kremers
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