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Quotes of the day:
I gave Donald free rein, he has great vision, and everything he touches seems to turn to gold. Donald is the smartest person I know.
Add-on interest is a method of calculating the interest to be paid on a loan by combining the total principal amount borrowed and the total interest due into a single figure, then multiplying that figure by the number of years to repayment. The total is then divided by the number of monthly payments to be made. The result is a loan that combines interest and principal into one amount due.
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