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14 Cards in this Set

  • Front
  • Back
Principal X rate X Time
Formula for calculating interest
Amount of money borrowed or, the amount of money in your savings account.
The bank gives you money to pay for an expensive item, then you pay them back a little at a time, plus interest.
Checking Account
An account at the bank that you put your money into, then write checks when you need it.
The extra money you pay back when you borrow money or, the amount the bank pays you for using your money.
Ask to take out more money from your checking acount than you have in the account
Money order
As good as money to the person whose name is one it. It is safer than money because nobody else can use.
A written promise to pay
Credit card
A plastic card you may present to make payment for goods or services. You pay the bank at a later time.
Savings account
a bank account to put money that you will not need soon
Traveler's Check
As good as money to the person whose name is on it. The bank will replace if lost. $20, 50, 100 amounts
Simple interest
Money you pay to borrow principal from the bank, or the money the bank pays you when you deposit your money in the bank.
How much interest
Safety deposit Box
a box in the bank you may keep important papers and other valuables by paying a yearly charge.