ACTUARIAL METHOD Definition

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ACTUARIAL METHOD means the method of allocating payments made on a debt between the amount financed and the finance or other charges where the payment is applied first to the accumulated finance or other charges and any remainder is subtracted from, or any deficiency is added to the unpaid balance of the amount financed.

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DEVALUATION, in economics, is the lowering in value of one currency in relation to other currencies.

PRO-FORMA INVOICE is a price quote. It is written as an invoice, and, in effect, says: This is the purchase price and terms we are offering.

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