10 terms

Banking

STUDY
PLAY

Terms in this set (...)

annual
happening once every year.
balance
an amount of money that remains in an account that can be used or must still be paid.
credit union
a financial association made up of members. A credit union is similar to a bank, but its members can borrow money at lower interest rates.
debit
an amount of money taken out of or owed on an account.
interest
money that is paid for the use of another person's money.
minimum
the smallest possible amount or number.
principal
an amount of money on which interest is paid.
rate
price or cost
savings
an amount of money that a person collects over a period of time.
simple interest
interest computed on principal only, rather than on accrued interest plus principal.