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fixed rate loan - a loan in which the interest rate and payment remain the same for the life of the loan. For example, $100,000 borrowed at a 7% fixed rate over 30 years would require 360 monthly payments of $665.00 each. See also adjustable rate mortgage (ARM), variable mortgage rate (VMR), and variable rate mortgage (VRM)
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© 2004 Bella Vista Publishing Company, Inc. ISBN 0-9718225-0-6
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