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Preformatted Files in Word (E

question 3

Multiple Choice

Preformatted files in Word (e.g.,fax cover sheets,memos) are known as _______.

Definitions:

Lump Payment

A single, one-time payment made for a significant amount instead of breaking the payment into installments.

Compounded Quarterly

Interest calculation method where the interest is added to the principal every three months or four times a year.

Amortization Period

The total time period over which a loan or a mortgage is scheduled to be paid off through regular payments that cover both principal and interest.

Compounded Semi-annually

A method of calculating interest where the interest amount is added to the principal amount twice a year, leading to compound growth.