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LOAN COMPONENTS TEACHER ORGANIZER
DEFINITIONS: Principal -- The amount of the loan. Interest rate -- The cost of using the money provided by a loan, credit card, or line of credit, usually expressed as a percentage over a period of time. Term -- The period of time in which the loan must be repaid. Monthly installment -- The monthly repayment that must be paid on a loan, made up of a portion of the principal plus interest.
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