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Business Finance

Chapter 5 Savings Account

TermDefinition
savings account a specific kind of savings account that earns interest
deposit checks, currency, or coins put into a banking account, savings and loan, credit union, or brokerage firm
withdrawal money taken out of a bank account
account statement a bank statement that shows the status of your account, including all deposits to, withdrawals from, and interest earned and credited to your account
interest the amount of money paid for the use of a lender's money
simple interest interest paid only on the original principal
principal the amount of money earning interest
annual interest rate the percent of the principal earned as interest in one year
compound interest interest earned not only on the original principal but also on the interest earned during previous interest periods, earning interest on interest
compound interest table a tool to calculate compound interest quickly
daily compounding interest that is computed each day and added to the account balance
annuity an account into which someone deposits an equal amount of money at equal periods or equal intervals of time
ordinary annuity an account in which equal deposits are made at the end of each interest period
annuity due an account in which equal deposits are made at the beginning of the interest period and start earning interest immediately
specific clearly defined or identified
portion a part of a whole
status a position or rank in relation to others
method orderliness of thought or behavior
period a length or portion of time
utilize make practical and effective use of
potential having or showing the capacity to become or develop into something in the future
interval a pause or break in activity
Created by: winninghamp
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