Examlex
The factor for the present value of an annuity for 6 years at 10% is 4.3553. This implies that an annuity of six $2,000 payments at 10% is the equivalent of $8,710.60 today.
Annual Rate
the interest rate for a whole year, rather than just a shorter period.
Accrued Interest
The interest on a loan or bond that has accumulated since the principal investment, or since the last interest payment, if there has been one.
Daily Balance
A method of calculating interest where the amount owed or due is recalculated each day, based on the balance of the account at the end of each day.
Borrowed
Refers to money or goods taken on loan with the obligation to return it or pay it back, usually with interest, within a specified period.
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