Financial Lit C2L3-5 Savings & Interest Vocabulary

Front

savings account

Back

an account on which a bank pays interest for the use of the money deposited

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Front

interest rate

Back

the proportion (or percentage) of the balance that will be paid for the use of money

Tags

CCSS.7.RP.A.3

Front

annual percentage rate (APR)

Back

the yearly interest rate being paid

Tags

CCSS.7.RP.A.3

Front

simple interest

Back

interest that is based only on the original principal

Tags

CCSS.7.RP.A.3

Front

simple interest formula

Back

I = Prt

in which I = interest; p = principal; r = annual interest rate (as a decimal); t = time (in years)

Tags

CCSS.6.EE.B.6

Front

minimum balance

Back

the amount required in an account to avoid fees

Tags

CCSS.6.NS.C.7C

Front

statement savings

Back

a savings account where the owner receives a monthly statement showing all activity on the account

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Front

money market account

Back

a higher interest savings account that usually requires a higher initial deposit and minimum balance

Front

certificate of deposit (CD)

Back

a savings account where there is a guaranteed interest rate paid over a specified time period; no deposits or withdrawals without penalties

Front

maturity

Back

the specified date that a financial transaction ends