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  • Remaining principal: Decreased when part of the principal is paid off. Does not depend on the fees.

  • Loan amount: stays the same throughout the loan term.

  • Installment balance: The amount due for the specific installment, including all the fees accrued during this installment.

Loan Phase

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If Grace period

  • Loan phase: Define the phases of the loan (e.g., Grace period, Main period).

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