Amortization Financial Glossary
What is it? The repayment of a loan by making systematic payments that are applied to the loans principal and interest over a set time period (see Principal, Interest). The amount you borrow is repaid gradually though regular monthly payments of principal and interest. During the first few years, most of each payment is applied toward the interest owed. During the final years of the loan, payment amounts are applied almost exclusively to the remaining principal.Finance Term Definition Added By: Luke
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