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Interest Rate
The percentage rate that is paid by a bank on money that is in some accounts.
Monthly Payment
A specified amount of money paid at regular monthly intervals, typically associated with loans or installment purchases.
Quoted Interest Rate
The interest rate that a lender offers to a borrower for a loan, not accounting for compounding or additional fees.
Buy Down
The process of paying additional points to a lender at closing to reduce the interest rate on a loan.
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