final payment
Học thuậtThân thiện
Definition
Noun: - The concluding monetary settlement of an obligation: This term refers specifically to the last installment or sum of money paid to completely settle and discharge a debt or financial liability.
Usage
- This term is used in financial, legal, and contractual contexts to denote the action that concludes a payment plan or loan agreement.
- It emphasizes the completion of the payment process, leaving no remaining balance.
Examples
Advanced Usage
- "To make the final payment": To complete the act of paying off a debt.
- Once you make the final payment, the mortgage on the house will be cleared.
- In legal contexts, a final payment can be a condition precedent for the release of a lien or the transfer of a title.
Variants and Related Words
- Lump-sum payment: A single payment made for the total amount owed, which can also serve as a final payment.
- Balloon payment: A large, final payment due at the end of a loan term, often associated with certain types of mortgages or loans.
- Settlement: A broader term for an agreement that resolves a dispute or obligation, which may involve a final payment.
Synonyms
- Last installment
- Closing payment
- Satisfaction of debt (a more formal, legal synonym)
Antonyms
- Down payment (an initial payment made at the start)
- Interim payment (a payment made during the course of an agreement, not the final one)
- Outstanding balance (the amount that remains to be paid)
Noun
- the final payment of a debt