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Interest
The charge for borrowing money, typically expressed as an annual percentage rate, or the income earned from lending funds.
Lump Sum
An individual payment executed at a designated time instead of divided payments or installments.
Down Payment
An initial payment made when purchasing an item on credit, typically a percentage of the purchase price.
Savings
Money set aside from income for future use, typically held in secure or low-risk savings accounts or investment products to preserve or grow wealth.
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