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Describe the three types of vertical marketing systems.
Loan Payment
A payment made towards a loan that may include both principal and interest components.
Bank Loan
A sum of money lent by a bank to a borrower at a defined interest rate for a specified period.
Long-term Loan
A loan that is extended over a lengthy period, exceeding a year, used for significant business investments or personal purchases.
Instalment Payments
A payment plan allowing a debt to be paid off in specific, scheduled portions over a set period of time.
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