Short Answer
Figure 1.2
Using the figure above, identify the labeled part.
-Label R: ______________________________
Definitions:
APR
Annual Percentage Rate, which shows the cost of credit on a yearly basis expressed as a percentage.
Compounded Monthly
The process of adding interest to the principal sum of a loan or deposit, or in other words, interest on interest, on a monthly basis.
Deposit
A sum of money placed in a bank account or paid as the first installment on a purchase, establishing a right to the full ownership or to secure a contract.
Birthday Money
A non-formal term usually referring to money received as a gift on one's birthday.
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