PRIME RATE Definition

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PRIME RATE is the interest rate that banks charge to their preferred customers. Changes in the prime rate influence changes in other rates; mortgage interest rates for example.

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OVERHEAD RATE is calculated by totaling all your expenses for one year, excluding labor and materials, and then divide this number by your total cost of labor and materials.

FOOT A COLUMN is to add a column of numbers.  To test footing is to add the column again to check accuracy.

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