MTH 154 vocab 1.1

Periodic Rate

The interest rate for a period other than one year, it is the APR divided by the number of periods in a year: APR/n.

Interest rate

The ratio of interest charged to amount owed, typically represented as a percentage which is a rate per 100.

Input

The______ is a variable whose value can be freely chosen and then used to calculate the end result of a function.

Domain

The______is the complete set of all possible inputs in a relationship or function

Period

The______is the length of time before your next payment is due and interest is charged.

Interest

The______is the money or fee the lender charges you for a loan.

Principal

The_____is the amount of money borrowed from the lender.

Relation

A _______ is the mapping of input variables to output variables to create a set of ordered pairs in which inputs can have multiple outputs.

Function

A______is a direct one to one mapping of input, x, to output, y, where each input has one and only one output.

Ratio

A_____is a relationship between 2 numbers in which the first number of times it contains the second number.

APR (Annual Percentage Rate)

The _______ is the interest for one year.

Annual Percentage Yield (APY)

Given a periodic rate, your interest will compound. The _____ is the ratio of the total interest charged for the year to the original principal.

Dependence

The concept of_______in math is one variables reliance on the value of another variable in order to determine its value.

Balance

What you owe at the end of each period factoring in any interest and payments made.