Compound Interest
This is the formula for compound interest.
What is B = P(1+r/n)^(nT)
What is the percentage of money in account that is paid to a lender.
When interest is calculated and added to your account (compounded) 1 time in one year.
What is Annual Compounding
A place where you can store hard-earned money.
When money is not actually added to your account when deposited from a check because the bank is verifying that the check is valid with the bank where there check came from.
What is a Hold
When interest is calculated and added to your account, then when interest is calculated and added to your account, then when interest ...
What is Compound Interest
This is the formula for simple interest
What is I = Prt
When interest is calculated and added to your account (compounded) 2 times in one year.
What is Semi-Annual Compounding
An account that a bank pays interest to for being able to use the money within it.
What is a Savings Account
A form to fill out when adding money to a bank account.
What is a deposit slip
This letter of the compound interest formula is the number of times per year your money is compounded.
What is n
This is the initial amount you place in your account. It is also the amount of money you borrow if you are borrowing.
What is the Principle
When interest is calculated and added to your account (compounded) 365 times in one year.
What is Daily Compounding
An account you deposit money and make withdrawals from. Typically, no interest builds in this type of account.
What is a Checking Account
This protection pays a check even though there are not enough funds in the account. There is a fee for this service AND the money must be repaid.
What is Overdraft Protection
The act of interest being added as a transaction to an account
What is Crediting
This letter of the simple interest formula is the total amount of time in years the money is growing interest.
When interest is calculated and added to your account (compounded) 4 times in one year.
What is Quarterly Compounding
The process of moving funds electronically from an account in one bank to an account in another bank.
What is an E-check
The record you keep on all the transactions in account. Nowadays, this record is automatically kept in your phone.
What is a Check Register
The percentage of the interest you actually earn in one year of investing a given amount of money.
What is the Annual Percentage Yield
This is the how you find the TOTAL amount of money in your account after a given amount of time for an account that uses simple interest.
What is adding the Interest you get from the simple interest formula to the Principle
When interest is calculated and added to your account (compounded) 12 times in one year.
What is Monthly Compounding
An account where you put your money in for a specific period of time without being able to deposit or withdraw from it. The interest you get is a guaranteed simple interest rate.
What is Certificate of Deposit
This financial principle helps you not overspend your money when you go throughout your daily life.
What is Keeping Track of Your Budget/Money,