everything for fin. math

Question 1

credit limit

Answer 1

max you can borrow

Question 2

amount financed

Answer 2

total amount borrowed - any down payment … amount borrowed by lender

Question 3

histogram vs bar graph

Answer 3

bar graphs = categorial data (ex. types of fruits)
histogram = continuous data (ex. heights of people)

Question 4

cash discount calculation

Answer 4

1. multiply invoice amount by cash discount rate
2. subtract from invoice amount if payment is made within discount period

Question 5

min. payment

Answer 5

smallest payment you can pay each month

Question 6

L to qt

Answer 6

1 L = 1 qt

Question 7

simple average

Answer 7

used when each value has equal importance, calculated same as mean

Question 8

upfront costs

Answer 8

purchase price, taxes, registration fees

Question 9

compound interest

Answer 9

calculated on principal amount and accumulated interest

Question 10

markdown

Answer 10

amount reduced from original price to lower selling price

Question 11

mode

Answer 11

the value that appears more often in a set of data

Question 12

ADB (average daily balance)

Answer 12

the balance averaged over the billing period

Question 13

APR

Answer 13

yearly interest rate

Question 14

chain discount

Answer 14

multiple discounts applied in sequence

Question 15

inch to cm

Answer 15

1 inch = 2.5 cm

Question 16

principal amount

Answer 16

original amount of money borrowed/invested

Question 17

finance charge formula

Answer 17

finance charge = principal * interest rate * time

Question 18

markup formula

Answer 18

cost * markup rate

Question 19

trade discount

Answer 19

a reduction off the list price for items

Question 20

rate

Answer 20

percentage that is applied to base

Question 21

depreciation

Answer 21

a value decreasing over time

Question 22

three main types of averages

Answer 22

mean, median, mode

Question 23

installment credit

Answer 23

allows to borrow a fixed amount and repay in set payments (auto loans)

Question 24

median

Answer 24

middle number in a set of numbers that have been arranged in order

Question 25

median formula

Answer 25

odd: number is in the middle even: average of two middle numbers

Question 26

base

Answer 26

original value or whole amount from which percentage is taken

Question 27

finance charge

Answer 27

cost of borrowing money or using credit (includes interest & other fees)

Question 28

installment price

Answer 28

total of all payments over the loan term

Question 29

oz to ml

Answer 29

1 oz = 30 ml

Question 30

chain discount calculation

Answer 30

1. convert each discount to a decimal 2. multiply the decimals in sequence with list price to get final price

Question 31

interest rate

Answer 31

cost of borrowing money, usually percentage of amount owed

Question 32

percentage formula

Answer 32

percentage = base * rate

Question 33

mean

Answer 33

average of a set of numbers

Question 34

sales tax formula

Answer 34

purchase price * tax rate

Question 35

kg to lbs

Answer 35

1 kg = 2.2 lbs

Question 36

mean formula

Answer 36

sum of all numbers/amount of numbers

Question 37

installment payment formula

Answer 37

divide the total cost by the number of payments

Question 38

accumulated interest

Answer 38

total amount of interested earned but not paid off

Question 39

consumer credit

Answer 39

any credit extended to individuals to buy goods and services, usually with the agreement to pay back with interest

Question 40

billing cycle

Answer 40

time period between bill statements

Question 41

simple interest formula

Answer 41

simple interest = principal * rate * time

Question 42

new balance formula

Answer 42

previous balance + new purchases - payments + finance charge

Question 43

revolving credit

Answer 43

flexible, borrow up to a limit but might pay high-interest rates

Question 44

base, rate, part formula

Answer 44

part = base * rate

Question 45

simple interest

Answer 45

calculated only on principal amount (original amount of money borrowed/invested)

Question 46

markup

Answer 46

amount added to original cost to determine selling price

Question 47

credit score

Answer 47

represents your creditworthiness based on credit history, 300-850

Question 48

mi to km

Answer 48

1 mi = 1.6 km

Question 49

credit report

Answer 49

detailed report of your credit history

Question 50

trade discount calculation

Answer 50

1. multiply the list price by trade discount rate 2. subtract from list price to find net selling price

Question 51

2/10, net 30

Answer 51

2% discount if paid in 10 days, otherwise full payment in 30 days

Question 52

cash discount

Answer 52

a discount for paying an invoice within a specified period, often used as incentive for early payment

Question 53

installment credit

Answer 53

fixed payments, lower interest

Question 54

20% of 50 is 10

Answer 54

base = 50 rate = 20% percentage/part = 10

Question 55

ongoing costs

Answer 55

insurance, fuel, maintenance

Question 56

L to gal

Answer 56

1 L = 0.26 gal

Question 57

oz to g

Answer 57

1 oz = 28 g

Question 58

m to ft

Answer 58

1 m = 3 ft

Question 59

revolving credit

Answer 59

allows to borrow up to a certain limit and pay off balance at end of month

Question 60

markdown formula

Answer 60

original price * markdown rate

Question 61

percentage/part

Answer 61

result of applying rate to base

Question 62

weighted average

Answer 62

used when values have different importances, formula = (value * weight)/weights

Question 63

total purchase price with interest

Answer 63

principal + (principal * interest rate * time)