A tax-deferred investment and savings plan that serves as a personal retirement fund for employees.

  The cost of credit on a yearly basis expressed as a percentage.

  A series of equal payments made at regular intervals, with interest compounded at a specified rate.

  An increase in the value or price.

  The amount owed on a loan or credit card or the amount in a savings or investment account.

  A legal proceeding declaring that an individual is unable to pay debts. Chapters 7 and 13 of the federal bankruptcy code govern personal bankruptcy.

  A person's savings and other assets, which can be used as collateral for loans.

  The principal monetary authority of a nation, which performs several key functions, including issuing currency and regulating the supply of credit in the economy. The Federal Reserve is the central bank of the United States.

  Property that is offered to secure a loan or other credit and that becomes subject to seizure on default. (Also called security)

  Interest that is calculated on the original principal plus all interest accrued to that point in time. Since interest is paid on interest as well as the amount borrowed, the effective interest rate is greater than the nominal interest rate. The compound interest rate method is often used by banks and savings institutions in determining interest t [..]