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Unit 1 Week 1 - Financial Literacy
Saving for College, Simple/Compound Interest
Terms in this set (12)
interest earned on both the principal amount and any interest already earned
Formula: A = P(1+r)^t
A sum paid or charged for the use of money or for borrowing money
The amount of money borrowed or deposited
Interest earned only on the original principal amount invested or borrowed
Formula: I = prt
The amount of money in an account at the end of a statement period.
to put money into an account to try to earn more money
Percentage rate used to calculate interest, expressed as a decimal
a set term given by a financial institution that outlines how long someone will borrow money or invest money
a financial award given by a government agency to a private individual or group in order to pay for college
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.
a gift of money or other aid awarded to a student to help pay for education that does not have to be paid back
a sum of money charged for teaching or instruction by a school, college, or university.
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