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amortized loan one of the following terms is used to describe a loan wherein each payment is equal in amount and includes both interest and principal.
What is an amortized loan?
- A loan that is amortized requires the borrower to pay interest and principal over time.
- A three-year investment yields 5% a year in interest, paid out semi-annually.
- An amortized loan payment initially covers the interest cost for the period; any balance is applied to the principle balance.
What does it mean when a loan is amortized?
- A loan that is amortized over a predetermined period of time is a type of financing.
- The borrower pays the same amount over the course of the loan under this form of repayment plan, with the initial portion going toward interest and the remaining sum being applied to the existing loan principal.
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