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Social Science
Economics
Finance
Unit 1 Week 1 - Financial Literacy
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Saving for College, Simple/Compound Interest
Terms in this set (12)
Compound Interest
interest earned on both the principal amount and any interest already earned
Formula: A = P(1+r)^t
interest
A sum paid or charged for the use of money or for borrowing money
principal
The amount of money borrowed or deposited
simple interest
Interest earned only on the original principal amount invested or borrowed
Formula: I = prt
ending balance
The amount of money in an account at the end of a statement period.
invest
to put money into an account to try to earn more money
interest rate
Percentage rate used to calculate interest, expressed as a decimal
time
a set term given by a financial institution that outlines how long someone will borrow money or invest money
grant
a financial award given by a government agency to a private individual or group in order to pay for college
loan
An amount of money given to the borrower for a set period of time. After the set time has passed, the money must be paid back plus the lending fee, called interest. Payments are normally made over a series of months.
scholarship
a gift of money or other aid awarded to a student to help pay for education that does not have to be paid back
tuition
a sum of money charged for teaching or instruction by a school, college, or university.
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