Examlex
Factor by grouping.
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Monthly Rate
The interest rate or any other rate measured over the period of one month, often expressed as a percentage per month.
Principal
The person (client) for whom a service is performed. Amount that is borrowed using credit.
Second Mortgage
A type of subordinate mortgage made while an original mortgage is still in effect, securing the collateral by the same property.
Amortized Loan
A loan with scheduled periodic payments that cover both interest and principal over a specific time period.
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