INCORPORATION is a legal process through which a company receives a charter and the state in which it is based allows it to operate as a corporation.
AVERAGE COST is total cost for all units bought (or produced) divided by the number of units.
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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