loan-repayment

Vocabulary Word

Definition

'Loan repayment' indicates the act of paying back money you've borrowed. It's not as easy as returning a library book; it involves giving back money in portions over time!

Examples in Different Contexts

In mortgage payments, 'loan repayment' involves making regular payments towards the principal and interest of a home loan. A mortgage broker might explain, 'Making additional payments towards your loan principal can significantly reduce the total interest you'll pay over the life of your mortgage.'

Practice Scenarios

Academics

Scenario:

The rising cost of tuition is causing stress for students. Our institution should provide more financial counselling.

Response:

That's true. More information on loan repayment options would indeed help students to manage their finances.

Tech

Scenario:

The new feature should help users track their outstanding debts and suggest ways to manage them.

Response:

Our app can include a loan repayment calculator, enabling users to plan their repayments effectively.