Pittsburgh Pennsylvania Promissory Note with Payments Amortized for a Certain Number of Years
Category:
State:
Multi-State
City:
Pittsburgh
Control #:
US-0349BG
Format:
Word;
Rich Text
Instant download
Description
Amortization refers to a plan to repay a loan in equal installments over a period of time, whereby each periodic payment includes principal and interest, and the amount of the payment applied to the principal gradually increases over time as the interest payments are reduced. Such debts are usually governed by an amortization table which schedules the corresponding interest and principal payments over time. Amortization is based upon a mathematical formula which figures the interest on the declining principal and the number of years of the loan, and then averages and determines the periodic payments.
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