EFFECTIVE INTEREST RATE Definition

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EFFECTIVE INTEREST RATE is the cost of credit on a yearly basis expressed as a percentage. Includes up-front costs paid to obtain the loan, and is, therefore, usually a higher amount than the interest rate stipulated in the note.

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REGRESSIVE TAX is a tax system to where the more income that is realized the lower the tax rate becomes.

KWACHA is a currency of Malawi and Zambia.

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