What is a prepayment?

What is a prepayment? Here are some definitions.

Noun A payment in advance. (accounting) An asset recognized in respect an expense incurred in a period for which the benefit will be received in a future period. Find more words! 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Postage stamps were originally construed as prepayment for the service of transporting letters and packages. In other words, if you did not make a prepayment on your mortgage this year, you will not be able to double your prepayment next year. Most of the bills would ban prepayment penalties, put caps on points, and establish Annual Percentage Rate thresholds. Interest rates for open mortgages are generally higher than for closed mortgages because of the added prepayment flexibility. All car loans are open and you may pay out the finance contract at any time without prepayment penalties. See Also What is another word for prepayment? What is the opposite of prepayment? Sentences with the word prepayment Words that rhyme with prepayment What is the plural of prepayment? What is the adjective for prepayment? What is the noun for prepayment? Translations for prepayment Nearby Definitions prepaying prepayers prepayer prepayed prepayable prepay prepayments prepays prepend prepended prepending prepends 10-letter Words Starting With p pr pre prep prepa prepay prepaym prepayme prepaymen