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10 Cards in this Set
- Front
- Back
- 3rd side (hint)
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A series of payments or deposits at REGULAR intervals over a set period of time |
Annuity |
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The payments are made at the END of each payment interval |
Ordinary Annuity |
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The payments are made at the BEGINNING of each payment interval |
Annuity Due |
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The payment interval corresponds to the interest interval conversion period. |
Simple Annuity |
Ex: if the interest is compound monthly, the payments are also made monthly |
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The time from the begging of the first payment interval to the end of the last payment interval |
Term |
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The final value (ending term) |
Amount (deposit) |
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Allows you to change the parameters of an annuity problem and analyze the effects of the changes |
Spreadsheet |
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Periodic payment of a morgage. A portion of the PAYMENT is INTEREST and a portion of it reduces the principal |
Blended Payment |
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The time taken for the debt, loan or morgage to be paid in full |
Amortization Period |
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Shows the amount of the blended payment, the interest portion of each payment, the principal portion and the outstanding balance after each payment |
Amortization Table |
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