Financial Algebra Unit #2 Definitions

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Last updated 4:10 AM on 10/1/26
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7 Terms

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Simple Interest

Original principal only

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Compound Interest

Interest earned on deposit plus previously earned interest

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Annual Percentage Rate (APR)

Simple annual interest rate

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Annual Percentage Yield (APY)

Annual interest rate including compounding

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Principal

Original amount saved or invested

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Checking

Earns the least interest because you have unlimited access to the money, and you are using the money, not the bank

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Certificate of Deposit

Earns the greatest interest because you have absolutely no access to money for an agreed upon time frame