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Business Finance

Ch 8 Loans

TermDefinition
single-payment loan a loan you repay with one payment after a specified period of time
promissory note a written promise to pay a certain sum of money on a specific date in the future
maturity value the total amount you must repay for a loan
term the amount of time for which a loan is granted
ordinary interest interest on a loan calculated by basing the loan's time period on a 360-day year
exact interest interest on a loan calculated by basing the loan's time period on a 365-day year
installment loan a loan you repay in equal payments over a specified period of time
down payment a portion of the cash price of an item you are purchasing which you pay before financing the rest on credit
amount financed the portion of the cash price owed after making the down payment
annual percentage rate an index showing the cost of borrowing money on a yearly basis, expressed as a percent
repayment schedule shows the distribution of interest and principal over the life of a loan
final payment payment on a simple interest loan that consists of the previous balance plus the current month's interest
principal (of money) denoting an original sum invested or lent.
specify identify clearly and definitely
index an indicator, sign, or measure of something
allocate distribute (resources or duties) for a particular purpose.
motive a reason for doing something, especially one that is hidden or not obvious
fianance provide funding for (a person or enterprise).
Created by: winninghamp
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