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Lump Sum Payment
A single payment made at a particular time, as opposed to multiple payments made over time.
Compounded Monthly
A financial term describing the process where interest earned is added to the principal each month, leading to increased interest in the next month.
Lump Sum Payment
A single payment made at a particular time, as opposed to several smaller installments.
Compounded Monthly
This is the process of calculating interest on both the initial principal and the accumulated interest from previous periods on a monthly basis.
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