LONDON INTERBANK OFFERED RATE Definition

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LONDON INTERBANK OFFERED RATE (LIBOR) is the rate that the most creditworthy international banks that deal in Eurodollars charge each other for large loans. It is equivalent to the federal funds rate in the U.S.

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CURRENT FACE, in securities, is the current monthly remaining principal of a certificate computed by multiplying the original face value of the certificate by the current principal balance factor.

AUDIT OPINION LETTER is a signed representation by an auditor as to the reliability and fairness of a set of financial statements. It is usually presented at the beginning of an audit report.

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