THS Business Math Chapter 8 Vocab

12 terms by saffield

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single-payment loan

loan you repay with one payment at a specific period of time

promissory note

a written promise to pay a certain sum of money on a specific date in the future.

maturity value

is the total amount you must repay

term

the amount of time in which the loan is granted

ordinary interest

interest based on a 360 day year

exact interest

interest based on a 365 day year

installment loan

loan you repay in in equal payment over a specified period of time

down payment

a portion of the cash price of the item that you are purchasing before financing.

amount financed

An index showing the cost of borrowing money on a yearly basis expressed as a percent

annual percentage rate

index showing cost of borrowing money on a yearly basis

repayment schedule

shows the distribution of interest and principal over the life of a loan

final payment

when you pay the previous balance plus the current month's interest

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