THS Business Math Chapter 8 Vocab
loan you repay with one payment at a specific period of time
a written promise to pay a certain sum of money on a specific date in the future.
is the total amount you must repay
the amount of time in which the loan is granted
interest based on a 360 day year
interest based on a 365 day year
loan you repay in in equal payment over a specified period of time
a portion of the cash price of the item that you are purchasing before financing.
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
shows the distribution of interest and principal over the life of a loan
when you pay the previous balance plus the current month's interest