If Only a Few Changes Are Needed in Your Will,adding

question 143

True/False

If only a few changes are needed in your will,adding a codicil may be the best choice.

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Definitions:

Actual Interest Rate

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

Non-Interest-Bearing

Refers to financial instruments or accounts that do not yield interest over time, such as some checking accounts.

Discounted

The practice of reducing the selling price of goods or services, often to encourage sales.

Discount Method

A financial strategy where the interest and financing charges are calculated at the time of the sale and deducted from the principal before the loan is disbursed.