Calculator estimates monthly mortgage payments and rates for $60,000-$2.5 million purchases. Down payment should be at least 5% of purchase price. Larger down payments lead to lower interest rates and monthly payments
SLOC guarantees bank's payment to seller in case of buyer default. Facilitates international trade between companies with different regulations. Doesn't guarantee buyer's satisfaction with goods
BCL confirms loan or line of credit extension to borrower. Assures third parties borrower has sufficient financial resources. Not a guarantee of payment but provides financial assurance
Compound interest calculates interest on both principal and accumulated interest. It is used in all financial and business transactions worldwide. Compound interest is always greater than or equal to simple interest
First £10 notes introduced in 1759 due to gold shortages. Early notes were handwritten and could be exchanged for gold. Printed notes replaced handwritten ones in 1853. Gold redemption ceased in 1931 with Britain's gold standard
The yen was introduced in 1871 as Japan's modern currency, replacing traditional coins. The yen was defined as 1.5g of gold or 24.26g of silver. The Bank of Japan was established in 1882 with a monopoly on money supply