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The internal control principle of establishing responsibility occurs when one employee is made responsible for all parts of a process.
Interest Rate
The rate a borrower pays to a lender for using assets, expressed in terms of the principal's percentage.
Borrow
The act of receiving something from someone with the intention of returning it or its equivalent after a period of time.
Monthly Payment
A regularly scheduled payment that is due every month, commonly associated with loans or leases.
Years
Units of time that represent a period of approximately 365 or 366 days, based on the Earth's orbit of the sun.
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