What Does the Acronym FOB Stand For? Describe the Differences

question 154

Essay

What does the acronym FOB stand for? Describe the differences between FOB shipping point (or FOB factory) and FOB destination.

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Definitions:

Current Balance

The total amount of money in an account or owed on a loan at any given moment, including principal, interest, and any fees.

Interest Rate

The proportion of a loan or savings amount that is charged or paid as interest to the borrower or saver.

Compounded Monthly

The monthly exercise of determining interest by applying it to the initial principal amount as well as to the interest that has been accumulated over preceding periods.

Accrued Interest

Interest that has been incurred but not yet paid.