Definition of "amortization"
  1. A process of paying off a debt over time through regular, fixed payments that include both principal and interest, or a method used in accounting to gradually deduct the cost of certain assets over a scheduled time period
How to use "amortization" in a sentence
  1. By using an amortization schedule, the company could track its loan payments and balance.
  2. Amortization of the company's equipment allows for the cost recovery over the equipment's useful life.
  3. The home buyer set up an amortization plan with the bank for their mortgage.

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