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The controlling mechanism for a gold-based exchange system and a floating-rate system are the same.
Semi-annual Payments
Payments that are made twice a year as a means to fulfill a financial obligation.
Loan
A borrowed amount of money that should be returned along with an additional interest payment.
Nominal Interest Rate
The stated annual interest rate on which the compound-interest calculation is based.
Annually Compounded
Interest on an investment that is calculated once a year on both the initial principal and the accumulated interest from previous periods.
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