Examlex
Instructions: Explain/Define the following terms.
Napoleon Bonaparte
Interest Rate
It's the rate, in the form of a percentage of the principal, charged by lenders to borrowers for asset usage.
Compounded Monthly
Interest calculation method where the interest amount is added to the principal sum so that the next interest calculation includes interest upon interest.
Principal Paid
The portion of a loan payment that goes toward reducing the original amount borrowed, distinct from interest or other fees.
Extra Payments
Additional payments made over the required minimum payment on debts like loans or mortgages, aimed at reducing the principal balance more quickly.
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