compound interest
Calculated not only on the principal, but also on the interest accrued during previous periods. As interest compounds, it can increase the balance due substantially if not paid down promptly.
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The following dictionary definition list is provided for clarification only. Note that many definitions are not directly applicable to mortgages, loans or other financial terminology in this glossary. Used with permission: WordNet 2.1 Copyright 2005 by Princeton University. All rights reserved.
compound
Noun: compound, chemical compound ((chemistry) a substance formed by chemical union of two or more elements or ingredients in definite proportion by weight)
Noun: compound (a whole formed by a union of two or more elements or parts)
Noun: compound (an enclosure of residences and other building (especially in the Orient))
Verb: intensify, compound, heighten, deepen (make more intense, stronger, or more marked) "The efforts were intensified", "Her rudeness intensified his dislike for her"; "Pot smokers claim it heightens their awareness"; "This event only deepened my convictions"
Verb: compound, combine (put or add together) "combine resources"
Verb: compound (calculate principal and interest)
Verb: compound (create by mixing or combining)
Verb: compound, combine (combine so as to form a whole; mix) "compound the ingredients"
Adjective: compound (of leaf shapes; of leaves composed of several similar parts or lobes)
Adjective: compound (consisting of two or more substances or ingredients or elements or parts) "soap is a compound substance"; "housetop is a compound word"; "a blackberry is a compound fruit"
Adjective: colonial, compound (composed of many distinct individuals united to form a whole or colony) "coral is a colonial organism"
interest
Noun: interest, involvement (a sense of concern with and curiosity about someone or something) "an interest in music"
Noun: interest, interestingness (the power of attracting or holding one's attention (because it is unusual or exciting etc.)) "they said nothing of great interest"; "primary colors can add interest to a room"
Noun: sake, interest (a reason for wanting something done) "for your sake"; "died for the sake of his country"; "in the interest of safety"; "in the common interest"
Noun: interest (a fixed charge for borrowing money; usually a percentage of the amount borrowed) "how much interest do you pay on your mortgage?"
Noun: pastime, interest, pursuit (a diversion that occupies one's time and thoughts (usually pleasantly)) "sailing is her favorite pastime"; "his main pastime is gambling"; "he counts reading among his interests"; "they criticized the boy for his limited pursuits"
Noun: interest, stake ((law) a right or legal share of something; a financial involvement with something) "they have interests all over the world"; "a stake in the company's future"
Noun: interest, interest group ((usually plural) a social group whose members control some field of activity and who have common aims) "the iron interests stepped up production"
Verb: interest (excite the curiosity of; engage the interest of)
Verb: concern, interest, occupy, worry (be on the mind of) "I worry about the second Germanic consonant"
Verb: matter to, interest (be of importance or consequence) "This matters to me!"
- compound interest -
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