Examlex
In the accompanying figure, item 1 points to the ____.
Mortgage Rate
The interest rate charged on a mortgage loan, determining the cost of borrowing for purchasing property.
APR
Annual Percentage Rate, the annual rate of interest without taking into account the compounding of interest within that year.
First Mortgage Payment
The initial payment made on a mortgage loan, which typically covers interest and principal.
Annuity
A financial product that pays out a fixed stream of payments to an individual, typically used as part of a retirement strategy.
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