amortization
- 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
- By using an amortization schedule, the company could track its loan payments and balance.
- Amortization of the company's equipment allows for the cost recovery over the equipment's useful life.
- The home buyer set up an amortization plan with the bank for their mortgage.
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