### Absolute Change

The actual increase or decrease from a reference value to a new value. Absolute Change = New Value - Reference Value

### Relative Change

A fraction that describes the size of the absolute change in comparison to the reference value. Relative Change = Absolute Change/Reference Value

### Absolute Difference

The actual difference between the compared value and the reference value. Absolute difference = compared value - reference value

### Relative Difference

The size of the absolute difference as a fraction of the reference value. Relative difference = Absolute difference/reference value

### The Relation of "Of" to "More Than"

Using more than states an increase in the percentage. Using of states a ration of the new percentage to the original.

### Interest

The charge for the privilege of borrowing money, typically expressed as an annual percentage rate.

### APY

Annual percentage yield. Applied to any investment but not typically a mortgage, to compare investments with different or no compounding schemes.

### Periodic Rate

The interest rate described in relation to a specific amount of time. For example, the Monthly Periodic Rate is the cost of credit per month; the Daily Periodic Rate is the cost of credit per day

### Revolving Credit

a credit agreement that allows consumers to pay all or part of the outstanding balance on a loan or credit card. As credit is paid off, it becomes available again to use for another purchase or cash advance

### Fixed Rate Mortgage

A mortgage in which the interest rate does not change during the entire term of the loan.

### Adjustable Rate Mortgage

Has an interest rate that increases or decreases during the life of the loan.

### Balloon Mortgage

a mortgage in which the entire remaining balance of the loan is due in one single payment

### Exemption

a deduction allowed to a taxpayer because of his status (having certain dependents or being blind or being over 65 etc.)

### Tax Refund

A check returning the taxpayers money to the taxpayer after tax retuns are filed and the over paid tax is determined.

### Standard Deduction

A stated amount that you may subtract from adjusted gross income instead of itemizing your deductions

### Itemized Deduction

a specific expense, such as mortgage interest, that you deduct from your adjusted gross income.