Algebraic Connections Chapter 8 Vocabulary
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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| Sales tax | A percent of the cost of an item added to the cost of the item
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| Interest | The dollar amount we get paid for lending money or pay for borrowing money
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| Rate | Given as a percent and varies from bank to bank
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| Discounted loan | Collecting interest on a loan at the time the loan is made
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| Future value | The principal plus interest amount or amount due
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| Compound interest | Interest computed on original principal as well as accumulated interest
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| Installment buying | When you repay a loan for the cost of a product on a monthly basis
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| Total installment price | The sum of all monthly payments plus the down payment
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| APR | Annual percentage rate per year
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| Payoff amount | The total amount due on the day that a loan is paid off early
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| Mortgage | A long term loan for the purpose of buying a house
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| Variable-rate mortgage | Payments change from time to time depending on the changes in the interest rate (also known as adjustable-rate mortgage)
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| Percents | Numbers expressed as a part of 100 (means per 100)
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| Discount | A percent of the original price of an item, reducing the cost of the item (also the interest that is deducted from a discounted loan)
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| Principal | The amount of money we deposit or borrow (also known as present value)
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| Simple Interest | Interest calculated only on the principal
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| Banker's rule | Allows financial institutions to use 360 days for 1 year instead of 365
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| Effective annual yield | The simple interest rate that produces the same amount of money in an account at the end of one year as when the account is subjected to compound interest at a stated rate (also known as effective rate)
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| Amount financed | The amount the consumer borrows (cash price - down payment)
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| Finance charge | The interest on the installment loan
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| Unearned interest | The amount by which the finance charge is reduced when a loan is paid off early
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| Revolving credit | Open-ended installment loan (most common type is a credit card)
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| Fixed-rate mortgage | The rate doesn't change and you have the same monthly payment during the entire time of the mortgage loan
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| Points | An amount of money the buyer pays to the lending institution
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
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