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Monthly Payments
Regular payments made on a monthly basis towards settling a financial obligation, such as a loan or mortgage.
Effective Annual Rate
The effective annual rate is the interest rate on a financial product restated from the nominal rate as an annual rate that takes into account compounding over a given period.
Nominal Annual Rate
The interest rate stated on a loan or financial product, not accounting for compounding or inflation over time.
Interest Payments
Periodic payments made to lenders or bondholders as compensation for lending their money.
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