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Explain what is meant by "internal control," and give two examples.
Simple Interest Rate
An interest rate calculated only on the principal amount, not on previously earned interest.
Interest
Money paid regularly at a particular rate for the use of money lent or for delaying the repayment of a debt.
Invested
Funds or resources allocated for the purpose of generating income or profit.
Interest
The amount paid by a borrower to a lender over a period of time for the use of money, expressed as a percentage of the principal.
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