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Collateral
An asset or property that a borrower offers to a lender as security for a loan, which the lender can seize if the borrower fails to make required payments.
Installment Loan
A loan that is repaid over time with a set number of scheduled payments.
Stated Annual Rate
The interest rate of a financial product, such as a loan or savings account, as advertised before the effects of compounding and fees.
Cost
The value or price paid to acquire, produce, or maintain a good or service.
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