Examlex

Solved

What Is Application Software? What Are the Categories of Application

question 57

Essay

What is application software? What are the categories of application software that are available? Provide brief descriptions for each category with the aid of examples.


Definitions:

Periodic Rate

The interest rate for a specific period, often rephrased as the interest rate applicable over regular intervals such as monthly or quarterly.

Effective Interest Rate

The real rate of interest earned or paid on an investment or loan, taking into account the effect of compounding.

Finance Charge

A fee representing the cost of credit, or the cost of borrowing, including interest and other charges.

Annual Effective Rate

The annual rate that reflects the compounding of interest, offering a true reflection of the financial product's profitability.

Related Questions