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Chapter 6: Saving

QuestionAnswer
saving setting aside part of your income instead of spending it.
Deposit account You use this account to save money. You earn interest on the money you save.
Interest money that you earn because you saved money. It is like a thank you from the financial institution for saving money with them. The interest you earn is a percentage of the amount you have saved.
Simple interest original amount saved x interest rate / 100
Compound interest balance at start of year x interest rate / 100
DIRT Deposit Interest Retention Tax. This is the tax you pay on interest you earn.
Created by: AnneB97
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