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What is a mortgage?
THE CALCULATION OF APR (ANNUAL PERCENTAGE RATE). It’s a loan from a financial institution to you. In return, you pay interest on the amount loaned. A loan has three facets: 1) size (how many dollars you need to borrow); 2) percentage rate (how much you pay in interest on the loan); and 3) term (how long it will take to pay off the loan). Translate:
        
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