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Compounded Monthly
A method of calculating interest in which the interest earned each month is added to the principal, and future interest is calculated on the new total.
Interest Rate
The percentage at which interest is paid by a borrower for the use of money, or the rate earned on an investment.
Annual Benefits
Benefits or returns that are received on a yearly basis from investments, insurance policies, or employee benefit programs.
Compounded Monthly
Refers to the process of applying interest to an initial amount and any accumulated interest on a monthly basis.
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