BALLOON PAYMENT Definition

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BALLOON PAYMENT is a final loan payment that is considerably higher than prior regular payments, in order to pay off the loan.

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INTERMEDIARY is the person or institution empowered to be the intermediary in making investment decisions for others. Examples: banks, savings and loan institutions, insurance companies, brokerage firms, mutual funds, and credit unions.

OUT-OF-P0CKET are expenses requiring an outlay of cash in a given time period, e.g., payroll, advertising and other operating expenses, but not depreciation.

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