Shared Flashcard Set

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Savings
$$$$$$
8
Finance
12th Grade
03/19/2012

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Cards

Term
Simple Interest
Definition
Computed interest only on the principal or amount of money originally deposited. Doesn't include interest earned.
Term
Compound Interest
Definition
Second type of interest figured on the money deposited plus interest it earns.
Term
Rule of 72
Definition
Table used to estimate the amount of time/interest it will take for your savings to double value.
Term
Tax exempt
Definition
Earnings that are free of certain taxes.
Term
Tax Deferred
Definition
Type of savings which taxes on principal and/or earnings are not due until the funds are withdrawn.
Term
Annual Percentage Yield (APY)
Definition
Rate of yearly earnings from an account including compound interest.
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