RE PAYMENTS Meaning and
Definition
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Repayments refer to the act of returning or giving back a borrowed amount of money or loan in regular installments or periodic payments. It is a process of refunding or reimbursing the borrowed funds to the lender or creditor over an agreed-upon period, typically with the addition of interest charges for the use of the funds.
Repayments are commonly associated with loans or credit, where the borrower is obligated to make specific payments to the lender to gradually settle the debt over time. The repayment amount is usually determined by various factors such as the principal amount borrowed, the interest rate, and the repayment term or duration. Lenders often provide repayment schedules that outline the exact payment amounts, due dates, and the total number of installments required.
Repayments can occur in different forms, including monthly, quarterly, semi-annually, or annually, depending on the terms of the loan agreement. These payments may be made through various methods, such as direct debit, online transfers, or physical checks.
Timely and consistent repayments help borrowers to gradually reduce their outstanding loans and eventually become debt-free. Failure to make repayments as per the agreed terms can result in penalties, higher interest charges, damage to credit scores, and potential legal actions by the lender to recover the borrowed amount. Therefore, it is crucial for borrowers to fulfill their repayment obligations to maintain a good financial standing and fulfill the terms of the loan agreement.
Common Misspellings for RE PAYMENTS
- re-payment
- re-payments
- repayments
- repaiments
- repaymants
- ee payments
- de payments
- fe payments
- te payments
- 5e payments
- 4e payments
- rw payments
- rs payments
- rd payments
- rr payments
- r4 payments
- r3 payments
- re oayments
- re layments
- re -ayments
Etymology of RE PAYMENTS
The word "repayments" is derived from the combination of the prefix "re-" and the noun "payments".
1. "Re-" is a prefix that comes from Old English and has various meanings, such as "again", "back", or "in return". It is often used to indicate repetition, resumption, or reversal.
2. "Payment" is derived from the Old French word "paiement", which in turn comes from the Latin word "pacamentum". "Pacamentum" originally referred to the act of pacifying or appeasing, but it later evolved to mean the act of paying a financial obligation.
By combining the prefix "re-" with the noun "payments", the word "repayments" emphasizes the concept of making payments again or returning payments, specifically in the context of settling a debt or fulfilling a financial obligation.
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