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Jim, a single individual, was unemployed for a few months during the current year. During the year, he received $3,600 in unemployment compensation payments. How much of his unemployment compensation payments must be included in gross income?
Compounded Monthly
Interest calculation method where interest is added to the principal balance each month, and future interest accrues on the total amount.
Principal Balance
The outstanding amount of a loan or debt not including interest or other charges.
Amortization Schedule
A table detailing each periodic payment on an amortizing loan, breaking down the amounts going toward principal and interest.
Compounded Semi-annually
An interest calculation method where interest is added to the principal balance of an investment or loan twice a year, resulting in interest on interest.
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