prelims pt. 2 Flashcards
1
Q
the amount of money lender receives for lending out money
A
INTEREST
2
Q
interest computed on the original principal for any time period
A
SIMPLE INTEREST
3
Q
amount due and payable to the holder of a financial obligation
A
MATURITY VALUE
4
Q
it is the loan involved when buying a house, house and lot, or machinery or equipment
A
MORTGAGE
5
Q
total selling price of a property, includes the down payment and principal
A
PURCHASE PRICE
6
Q
a certain percent of the purchase price of the property
A
DOWNPAYMENT
7
Q
installment payment for mortgage
A
AMORTIZATION
8
Q
schedule prepared showing the installment payment
A
AMORTIZATION TABLE
