CPR Definition

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CPR is Constant Payment Rate, used to estimate the average life of mortgage-backed securities based on historical payments.

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ENGINEERED COSTS are those costs having a clear linkage to output, e.g., direct materials costs.

INTERNAL CONTROL SYSTEM is a formalized system intended to provide reasonable assurance that the objectives of a program as a whole are met, e.g. financial control, quality control or process control.

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