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SINGLE PAYMENT LOAN
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MATURITY VALUE
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Ch. 8 Loans

Business Math - Chapter 8

TermDefinition
SINGLE PAYMENT LOAN A LOAN THAT YOU REPAY WITH ONE PAYMENT AFTER A SPECIFIED PERIOD OF TIME
MATURITY VALUE TOTAL AMOUNT YOU MUST REPAY
ORDINARY INTEREST BASED ON 360-DAY YEAR
INSTALLMENT LOAN REPAY IN EQUAL PAYMENTS OVER A SPECIFIED PERIOD OF TIME
AMOUNT FINANCED PORTION OF THE CASH PRICE THAT YOU OWE AFTER MAKING THE DOWN PAYMENT
REPAYMENT SCHEDULE SHOWS THE DISTRIBUTION OF INTEREST AND PRINCIPAL OVER THE LIFE OF THE LOAN
PROMISSORY NOTE A WRITTEN PROMISE TO PAY A CERTAIN SUM OF MONEY ON A SPECIFIC DATE IN THE FUTURE
TERM AMOUNT OF TIME FOR WHICH THE LOAN IS GRANTED
EXACT INTEREST BASED ON A 365-DAY YEAR
DOWN PAYMENT PORTION OF THE CASH PRICE OF THE ITEM YOU ARE PURCHASING BEFORE FINANCING THE REST ON CREDIT
ANNUAL PERCENTAGE RATE (APR) AN INDEX SHOWING THE COST OF BORROWING MONEY ON A YEARLY BASIS, EXPRESSED AS A PERCENT
FINAL PAYMENT PAYING PREVIOUS BALANCE PLUS THE CURRENT MONTH’S INTEREST
Created by: dsteffey
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