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Chapter Two Key Terms
Get to know the language of money.
Compound Interest: Interest paid on interest previously earned; credited daily, monthly, quarterly or semiannually.
Emergency Fund: Five hundred dollars in readily available cash to be used only in the event of an emergency; the goal of the First Foundation.
Interest Rate: Percentage paid to a lender for the use of borrowed money (in debt); percentage earned on invested principal (in investing).
Five Foundations: The five steps to financial success.
Sinking Fund: Saving money over time for a large purchase.