UP-FRONT PAYMENT Definition

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UP-FRONT PAYMENT is anything of value, usually money, delivered at the time a contract is signed, e.g. down payment, licensing fees, or closing costs.

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PAC BOND is a planned amortization class collateralized mortgage obligation (CMO) that provides a set average life within a specified band of prepayment assumptions. PACs are considered the most stable CMO class in terms of average life variability.

941 Form is the U.S. IRS Employers Federal Quarterly Payroll Tax form.

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