Language of Maths: Interest Rates Jargon by Zivile

Language of Maths: Interest Rates Jargon by Zivile https://padlet.com/LoveITandMaths/InterestRatesJargon In your groups find description for each term given below and share them on Padlet . en-us 2016-11-21 16:12:31 UTC 2025-11-26 11:17:13 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Balance.png Interest Rates Jargon LoveITandMaths https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139139067 •Online Banking

•Interest

•AER

•Overdraft

•Sharia

•High Street Bank

]]> 2016-11-21 16:13:28 UTC https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139139067 Kerry Beech https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139757140 Online banking, also known as internet banking, e-banking or virtual banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website.

]]> 2016-11-24 13:04:29 UTC https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139757140 Kerry Beech https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139758762 the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.]]> 2016-11-24 13:14:40 UTC https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139758762 Belqise albarouni smail939392 https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139758803 -online banking :- I can go online to my account or something in my account.
-Interest:- is payment from a borrow .
-AER:- annual equivalent rate .
-Overdraft:- an act or instance of overdrawn a checking account .
-Sharia :- the rules of Islamic banking .
-Hight street bank :- a term originating in the uk to refer to large retail banks which have many branch locations.

]]> 2016-11-24 13:14:53 UTC https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139758803 online Banking: I can using a computer or the Internet Banking . amertashe https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139759655 Interest: the extra money that you pay back If you borrow money or that you receive If you put money in a bank .
A E R : Is short of Annual , Equivalent , Rate .
Overdraft: To be overdrawn .
Sharia : The rules of Islamic Banking .
High Street Bank : Major High Street Banks in the U.K. Include Barclays PLC , Royal Bank Of Scotland Grop PLC (RBS) , Loyds TSB Bank PLC ,and HSBC Bank PLC.
Eftekhar Amertash

]]> 2016-11-24 13:19:33 UTC https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139759655 AER : Annual Equivalent rate. angela_phillips2 https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139759689 Overdraft to be overdrawn ]]> 2016-11-24 13:19:43 UTC https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139759689 Kerry Beech https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139759981 AER is short for Annual Equivalent Rate. The Annual Equivalent Rate is designed to make savings accounts easier to compare. The AER assumes that you keep your money in a particular savings account for a year and also takes more factors into account than a gross rate, which means it can show a truer picture.]]> 2016-11-24 13:21:35 UTC https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139759981 Kerry Beech https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139761087 Authorised overdrafts are pre-agreed and allow you to go overdrawn (or borrow) up to a certain limit, normally at a set rate of interest. The way overdrafts are charged is changing: some banks may charge a monthly or a daily usage fee, which may be instead of interest or in addition to interest]]> 2016-11-24 13:27:55 UTC https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139761087 Online banking or internet banking as some people call it is when you use the internet to enter your bank online banking can save a lot of time but it can also be confusing to older people as they are not that familiar with the internet meetduffy https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139761327 2016-11-24 13:29:24 UTC https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139761327 Interest angela_phillips2 https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139761493 Is payment from or borrow money]]> 2016-11-24 13:30:19 UTC https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139761493 Islamic canonical law based on the teachings of the Koran and the traditions of the Prophet (Hadith and Sunna), prescribing both religious and secular duties and sometimes retributive penalties for lawbreaking. It has generally been supplemented by legislation adapted to the conditions of the day, though the manner in which it should be applied in modern states is a subject of dispute between Muslim traditionalists and reformists. https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139761686 Kerry Beech]]> 2016-11-24 13:31:23 UTC https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139761686 High Street banking angela_phillips2 https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139761902 A term originating in the uk to refer to large retail banks which have many branch locations.]]> 2016-11-24 13:32:39 UTC https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139761902 meetduffy https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139766067

An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero. In this situation the account is said to be "overdrawn". If there is a prior agreement with the account provider for an overdraft, and the amount overdrawn is within the authorized overdraft limit, then interest is normally charged at the agreed rate. If the negative balance exceeds the agreed terms, then additional fees may be charged and higher interest rates may apply.

]]> 2016-11-24 13:58:02 UTC https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139766067 Interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (i.e. the amount borrowed). It is distinct from a fee which the borrower may pay the lender or some third party.For example, a customer would usually pay interest to borrow from a bank, so they pay the bank an amount which is more than the amount they borrowed; or a customer may earn interest on their savings, and so they may withdraw more than they originally deposited. In the case of savings, the customer is the lender, and the bank plays the role of the borrower.Interest differs from profit, in that interest is received by a lender, whereas profit is received by the owner of an asset, investment or enterprise. (Interest may be part or the whole of the profit on an investment, but the two concepts are distinct from one another from an accounting perspective.)The rate of interest is equal to the interest amount paid or received over a particular period divided by the principal sum borrowed or lent.Compound interest means that interest is earned on prior interest in addition to the principal. Due to compounding, the total amount of debt grows exponentially, and its mathematical study led to the discovery of the number e.[1] In practice, interest is most often calculated on a daily, monthly, or yearly basis, and its impact is influenced greatly by its compounding rate.C meetduffy https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139767939 2016-11-24 14:08:24 UTC https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139767939 Interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (i.e. the amount borrowed). It is distinct from a fee which the borrower may pay the lender or some third party.For example, a customer would usually pay interest to borrow from a bank, so they pay the bank an amount which is more than the amount they borrowed; or a customer may earn interest on their savings, and so they may withdraw more than they originally deposited. In the case of savings, the customer is the lender, and the bank plays the role of the borrower.Interest differs from profit, in that interest is received by a lender, whereas profit is received by the owner of an asset, investment or enterprise. (Interest may be part or the whole of the profit on an investment, but the two concepts are distinct from one another from an accounting perspective.)The rate of interest is equal to the interest amount paid or received over a particular period divided by the principal sum borrowed or lent.Compound interest means that interest is earned on prior interest in addition to the principal. Due to compounding, the total amount of debt grows exponentially, and its mathematical study led to the discovery of the number e.[1] In practice, interest is most often calculated on a daily, monthly, or yearly basis, and its impact is influenced greatly by its compounding rate.C meetduffy https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139768083 2016-11-24 14:09:15 UTC https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139768083 meetduffy https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139769682 m

That's because gross rates don't take into account compound interest (where you earn interest on your initial investment, plus any interest you've previously accumulated). So if you earn your savings interest monthly, for instance, this is going to mean a higher AER than gross rate (although if you earn your interest annually, the AER and gross rate may well be the same).

As the AER takes into account the interest you would earn for having your savings in an account for a full year, the other factor that affects it is bonuses.

A savings account may have an introductory bonus that forms a portion of the interest rate you receive. Where this introductory bonus is less than a year, the AER uses the interest you would earn with the bonus, and the interest you'd earn once the bonus finishes over the year, to arrive at a truer annual rate.

]]> 2016-11-24 14:18:30 UTC https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139769682 That is utter nonsense. On one hand, India is being pushed into the 21st Century by the wise actions of digitising the economy and discouraging the cash economy, while on the other hand, Muslim Indians are being encouraged to move in the opposite direction towards their medieval past. So what exactly is Islamic Sharia Banking and why is it that hardly any Islamic country on earth practices this system and why should Indians be worried about its intrusion in their financial sector?”Representational image. PTI meetduffy https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139771826 2016-11-24 14:30:48 UTC https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139771826 DEFINITION of 'High Street Bank'A term originating in the U.K. to refer to large retail banks which have many branch locations. The term "high street" is meant to indicate that these banks are major, widespread institutions, such as those that would be found in the main commercial sector of a town or city. High street is roughly synonymous to the American term "Main Street."Read more: High Street Bank Definition | Investopedia http://www.investopedia.com/terms/h/high-street-bank.asp#ixzz4Qvv0Omk3 Follow us: Investopedia on Facebook meetduffy https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139772219 2016-11-24 14:33:10 UTC https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139772219 meetduffy https://padlet.com/LoveITandMaths/InterestRatesJargon/wish/139772363

DEFINITION of 'High Street Bank'

A term originating in the U.K. to refer to large retail banks which have many branch locations. The term "high street" is meant to indicate that these banks are major, widespread institutions, such as those that would be found in the main commercial sector of a town or city. High street is roughly synonymous to the American term "Main Street."

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