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How can double counting be avoided?
Equal Payments
A method of recurring payment where the same amount is paid in each period, commonly used in loans and leases.
Compounded Semiannually
This term refers to the process of calculating interest on a principal amount where the interest is added to the principal to compute further interest, occurring twice a year.
Loan
A sum of money borrowed that is expected to be paid back with interest.
Annual Interest Rate
The percentage of interest that will be charged or earned on a sum of money over a one-year period.
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