GenMath Lesson 1: Simple Interest - Definition of Terms

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What is the definition of 'Principal' (P) in the context of simple interest?

The amount of money borrowed or invested on the origin date

What does the term 'Lender or creditor' refer to in the context of simple interest?

The person or institution who invests the money or makes the funds available

In the context of simple interest, what is the 'Maturity value or future value (F)'?

The amount after t years that the lender receives from the borrower on the maturity date

What does 'Time or term (t)' represent in simple interest calculations?

The amount of time in years the money is borrowed or invested

What is 'Compound Interest' (𝑰𝒄) defined as in the context of simple interest?

Interest that is computed from the principal and on the accumulated past interests

In simple interest, what does 'Interest (I)' represent?

Amount paid or earned for the use of money

What is the definition of 'Exact Interest'?

Interest calculated based on a 365-day year

In a General Annuity, what does the payment interval signify?

The time between successive payments

What does 'Nominal Interest Rate' represent?

Annual rate of interest (rate that is usually advertised)

What is the present value of an annuity?

Sum of present values of all the payments to be made during the entire term of the annuity

What does 'Maturity/future value or compound amount (A)' signify in the context of Compound Interest?

Amount after t years that the lender receives from the borrower on the maturity date

What is the definition of 'Frequency of compounding (m)'?

Number of compounding periods per year

In Simple Annuity, what type of annuity is it with respect to the time of payment?

A type of annuity in which the payments are made at the end of each payment interval

What does 'Principal or present value (P)' signify?

Amount of money borrowed or invested on the origin date

What is 'Effective Interest Rate (j)' in financial terms?

The actual rate of interest that takes effect in the loan/investment

What does 'Annuity Due' signify?

A type of annuity in which payments are made at the beginning of each payment interval

What is the etymological meaning of philosophy?

The love of wisdom

Why did early attempts to write a universal definition of philosophy fail?

Mankind never shared a common idea of what it is

What does the discipline of philosophy primarily strive to provide?

Meaning in life and actions

What is the main focus of doing philosophy?

Asking questions rather than dwelling on answers

According to the passage, what is the meaning of the term 'philosophy' supposed to emphasize?

The value in seeking wisdom

What is the significance of distinguishing primary and secondary reflection in philosophy?

To encourage deeper contemplation and introspection

What is the main problem presented in the text?

The dilemma of existentialism and Indian philosophy

How does Gabriel Marcel describe the world in the text?

As a place of broken unity

What is presented as the resolution to the broken world according to the text?

Doing philosophy and using reflective methods

What does the text imply about the nature of philosophical discovery?

It involves asking complex questions about one's identity

How does the text suggest resolving the dilemma of feeling right or wrong in a broken world?

By uniting through doing philosophy and reflective methods

What is highlighted as the main interest of Chinese philosophy in the text?

Knowing how to live in harmony, unity, and peace

How does Co present the importance of defining philosophy in the text?

As important but secondary to doing philosophy and reflection

What does philosophizing generally mean?

Considering all things in a study or reflection

What does Gabriel Marcel suggest as the reason for engaging in philosophy?

'Because we live in a broken world'

'Why do we need to do philosophy?' is answered by Gabriel Marcel with:

'Because we live in a broken world'

This quiz covers the definitions of terms related to simple interest, including lender/creditor, borrower/debtor, origin/loan date, and repayment/maturity date. Test your understanding of these key concepts in financial mathematics.

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