Examlex
What is the correct syntax of the PMT function? Briefly describe each of the arguments associated with this function.
Deferred annuity
An annuity contract that delays payments of income, installments, or a lump sum until the investor elects to receive them.
Ordinary annuity
Regular payments of the same amount made at set intervals, during which interest is calculated and added at the end of each period.
Conditional sale contract
An agreement where the sale is conditional upon certain terms, often used in property and vehicle sales where possession is granted but legal ownership is retained by the seller until full payment is received.
Compounded monthly
The process of adding interest to the principal sum of a loan or deposit, where the interest is added monthly.
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