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