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What does the concept time value of money mean

This posting addresses the given questions:

Problem: What does the concept "time value of money" mean? Why is the concept important? What are some practical applications of this concept for businesses? For individuals? What assumptions have to be accepted when discussing the "time value of money"?

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## Q : Approximate annual payments of the loan

The mortgage is for 30 years. How much are the approximately annual payments of the loan?