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Definitions:
Simple Interest
Interest calculated only on the principal amount, or on that portion of the principal amount which remains unpaid.
Exact Interest
A redefined term referring to the method of calculating interest based on a 365-day year, highlighting the precision in financial computations.
365-Day Year
A calendar year consisting of 365 days, not accounting for leap years which have 366 days.
Total Amount
The full sum resulting from the addition of all parts, quantities, or figures.
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