Examlex
Select the term that is spelled correctly.
-Select the term that is spelled correctly:
Amortized
Refers to the process of paying off debt over time in equal installments of principal and interest.
Compounded Monthly
A method of interest calculation where the interest earned each month is added to the principal, thus earning more interest in the following month.
Compounded Monthly
The process of calculating interest on the initial principal and the accumulated interest from previous periods monthly.
Amortized
The steady decrease of an owed sum through consistent payments towards both the interest and the principal over a set duration.
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