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Chapter 6
consumer
Term | Definition |
---|---|
Annual Percentage Yield(APY) | The actual interest rate an account pays, stated on a yearly basis with the compound interest included. |
Certificate of Deposit | A time deposit that earns a fixed rate of interest for a specified length of time. |
Compound Interest | Interest paid on the original principle plus accumulated interest. |
Liquidity | A measure of how quickly you can get your cash without loss value. |
Money Market Account | A type of savings account that offers a more competitive interest rate than a regular saving account. |
Simple Interest | Interest computed only on the amount borrowed, without compounding. |