RESIDUAL OWNERSHIP Definition

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RESIDUAL OWNERSHIP see RESIDUAL EQUITY THEORY.

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IMPLICIT RATE OF INTEREST is when the stated interest rate is not indicative of the market rate at the time a note is negotiated, the value of the asset (cash or non-cash) or service exchanged for the note establishes the market rate.

MILLAGE is a rate (as of taxation) expressed in mills per dollar.

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