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in which (1) the total
over the loan's entire
is added to the
at the time of signing the
documents, and (2) a fixed portion of every loan repayment installment goes towards
. Since this arrangement does not take into
, it results in an actual (effective)
that is much higher than the quoted interest rate. In
, more frequent the repayment installments, the higher the
effective interest rate
. In the modern
, the effective interest rate (called 'annual percentage rate' or APR) must be disclosed by the
at the time a
letter of credi...
pro forma invoi...
net present val...
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