I want to know is the loan amount based on a fixed amortized payment over a specific term?
No. But long it takes to pay back the business loan through the daily processing of credit cards is the duration of the term.
The process of paying off a loan through specifically structured periodic payments is known as amortization. Amortized loans are different from other loans due to the way the amount and the structure of each payment is determined.
mortgage payments are a common form of amortized loans, and interestingly enough, both the term mortgage and the termamortization find their meaning in the same root word "mort." This term means to deaden or kill, as in to "kill off" or eliminate the loan a bit at a time, via regular payments.
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