Examlex
Which of the following types of loan bears the highest interest rate?
Compounded Quarterly
The process where interest is added to the principal sum of a deposit or loan every quarter, so that the added interest also earns interest from then on.
Final Payment
The last payment made to settle the balance of a financial obligation, such as a loan or mortgage.
Borrower
An individual, company, or institution that receives funds from a lender under the condition of paying back the borrowed amount plus interest.
Compounded Monthly
Interest calculated monthly on the principal sum plus previously earned interest.
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