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Amount of money that is equal to a percentage of the principal amount that accrues daily on a loan account based off of a mutually agreed upon yearly rate.
Written by Andy Morrise
Updated on March 7th, 2023
Amount of money that is equal to a percentage of the principal amount that accrues daily on a loan account based off of a mutually agreed upon yearly rate. The borrower will need to pay all accrued interest before an account is closed out.
