TEASER RATE Definition

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TEASER RATE, in lending, is the initial rate set on adjustable-rate mortgages (ARMs) by the lender to attract prospective borrowers. It is the coupon rate an investor earns in the first year.

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GOVERNMENT AUDITING STANDARDS is a book issued by the comptroller general of the United States, sometimes called the "yellow book." Government Auditing Standards contains standards for audits of government organizations, programs, activities, and functions and of government assistance received by organizations. The audit is designed to provide reasonable assurance of detecting material misstatements resulting from noncompliance with provisions of contracts or grant agreements that have a direct and material effect on determination of financial statement amounts, are followed when required by law, regulation, agreement, contract, or policy.

PREMIUM BOND is a bond selling above its par value or its value at maturity.

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