Financial Lit
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Computing the finance charge based on the balance at the end of each day which includes new purchases, any payments or credits made; most companies use this method. | average-daily-balance method
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| Shows the distribution of interest and principal over the life of a loan. | repayment schedule
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| A loan that is repaid with one payment after a specified period of time. | single-payment loan
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| The total amount you must repay. | maturity value
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| Interest that the company charges to a credit account for not paying the total amount owed by the due date. | finance charge
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| Computing the finance charge based on the portion of the previous balance you have not paid. | unpaid balance method
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| Is based on a 360-day year. | ordinary interest
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| Paying the previous balance plus the current month's interest when selling the "loan". | final payment
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| Monthly statement that lists all of the items you purchased and other transactions during a one month period. | account statement
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| Is based on a 365-day year. | exact interest
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| A written statement to pay a certain amount on a specific date in the future. | promissory note
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| A card authorizing purchases on credit. | credit card
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| An existing line of credit at the business that issued it. | charge account
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| A loan that is repaid in equal payments over a specified period of time. | installment loan
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| The amount of time for which the loan is granted. | term
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| The portion of the cash price that you owe after making the down payment. | amount financed
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| A portion of the cash price of the item you are purchasing before financing the rest on credit. | down payment
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| An index which shows the cost of borrowing money on a yearly basis. | annual percentage rate
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Created by:
kristenwoodard
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