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Compounded Annually
A method of calculating interest where the interest rate is applied once per year, adding to the principal sum for the next period.
Equal Annual Payments
Regular payments of the same amount made over a specified period of time.
First Payment
The initial amount paid at the start of a payment plan or schedule, such as for a loan or lease.
Compounded Monthly
Compounded monthly refers to the process of calculating interest on the principal and previously earned interest on a monthly basis.
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