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The following initials are used in Financial Services - Junior Cycle Business Studies - Question 1 - 2018

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The following initials are used in Financial Services. What do they stand for? DIRT CAR APR

Worked Solution & Example Answer:The following initials are used in Financial Services - Junior Cycle Business Studies - Question 1 - 2018

Step 1

DIRT

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Answer

DIRT stands for Deposit Interest Retention Tax. It is a tax that applies to the interest earned on deposits made in financial institutions. This tax helps ensure that the government collects revenue from the interest income.

Step 2

CAR

99%

104 rated

Answer

CAR stands for Compound Annual Rate. This term refers to the interest rate that is calculated on an investment or loan that is compounded annually. It is crucial for understanding the growth of investments over time.

Step 3

APR

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Answer

APR stands for Annual Percentage Rate. It represents the annual rate charged for borrowing or earned through an investment, expressed as a single percentage number. This figure is essential for comparing the cost of loans or the returns on investments.

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