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8 Cards in this Set
- Front
- Back
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Annuity
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A series of fixed payments made on specified dates over a set period.
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Ordinary
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A series of equal periodic payments made at the end of each period
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Annuity due
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A series of equal periodic payments made at the beginning of each period.
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Perpetuity
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A series of fixed payments made on specified dates over an indefinite period
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Pure discount loan
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A loan that provides a lump sum of money to a borrower today and that is repaid with interest by payment of a single lump sum at a specific future date
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Interest-only loan
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A loan that requires the borrower to make interest payments on a periodic basis during the life of the loan and to repay the original amount of the loan on a specified future date
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Amortized loan
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A loan that requires the borrower to make payments consisting of both principal and interest over the duration of the loan.
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Balloon loan
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An amortized loan with payments based on an amortization period longer than the loan period with the remaining loan balance payable on the due date.
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