Loan Notation and Terminology (SOA Exam FM-Financial Mathematics-Module 3, Section 1)

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SOA Exam FM (Financial Mathematics) Module 3, Section 1
After completing this video you should be able to:
Define and recognize the definitions of the following terms:
𝐿−Loan Amount
𝑖−Periodic Effective Loan Interest Rate
𝑛−Number of Periodic Payments
𝑅𝑘−Amount of the 𝑘th payment
𝐼𝑘−Amount of Interest Paid during the 𝑘th period
𝑃𝑘−Amount of Principal Repaid with the 𝑘th payment
𝑅𝑘=𝐼𝑘+𝑃𝑘
𝐵𝑘−Balance Immediately After the 𝑘th payment

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