amortisation

Estimated CEFR level: C2 — Proficiency

Estimated from word frequency; not an official CEFR classification.

Definition

noun the reduction of the value of an asset by prorating its cost over a period of years
noun payment of an obligation in a series of installments or transfers

£ 800 plus 2 1/2 % interest on the same, repayable quarterly in equal annual instalments until extinction by amortisation of loan advanced for purchase within a period of 20 years, amounting to an annual rental of £ 64, headrent included, the titledeeds to remain in possession of the lender or lenders with a saving clause envisaging forced sale, foreclosure and mutual compensation in the event of protracted failure to pay the terms assigned, otherwise the messuage to become the absolute property of the tenant occupier upon expiry of the period of years stipulated. — Ulysses, James Joyce

amortization

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