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What is a logic error?
Borrowing Rate
The interest rate applied to loans and borrowings taken by a company or an individual.
Note Payable
A written promise to pay a certain amount of money, usually with interest, at a future date or over a period of time.
Market Interest Rate
The rate at which interest is paid by borrowers for borrowing funds in the market.
Compounded Annually
A method of calculating interest in which the interest earned each year is added to the principal, so that the balance doesn't merely grow, it grows at an increasing rate.
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