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| Term | Definition |
|---|---|
| Simple Interest | Simple interest is interest on the original principal (amt. originally received or paid) regardless of the number of time periods that have passed or the amount of interest that has been paid or accrued in the past. |
| Simple Interest Formula | Interest = Principal x Rate x Time |
| Compound Interest | The interest that accrues on both the principal and the past unpaid accrued interest. |
| Four Types of Compound Interest | Future Value of a Single Sum at compound interest, Present Value of a Single Sum due in the future, Future Value of an Annuity, a series of receipts and payments, and Present Value of an Annuity, a series of receipts and payments. |
| Terms | 4 |
| Creator | Tabita |
| Created | March 20, 2009 |
| Groups | None |
| Subject | Accounting Vocabulary |
| Access | Anyone |
| Edit | Creator Only |