For each of the following, identify in column 1 the category to which the account belongs, in column 2 the normal balance for the account, and in column 3 the financial statement on which the account balance is reported.
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Definitions:
End-Of-Quarter Payments
Payments that are made at the end of each quarter, typically in a financial or leasing agreement.
Monthly Payments
Regular payments made once a month, commonly in the context of loans, rent, or other agreements.
Present Value
The present value is the current worth of a future sum of money or stream of cash flows given a specified rate of return.
Annuity
A financial instrument providing a steady series of payments to a person, mainly utilized as a source of income for people in retirement.
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