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February 16, 2006
How Amortization
An amortized loan can be a car loan or a home loan, as long as it is for one specific amount that is to be paid off by a certain date in equal installments. Parts of the payment go toward the interest cost and the remainder goes toward the principal amount. Interest calculated is based on the current amount owed. As the ending balance of the loan reduces, the interest also decreases progressively, termed as
From How Amortization
Posted by Jason at February 16, 2006 02:32 PM
