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balloon payment |
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Balloon Payment See: Bullet. Balloon Payment The final (large) payment that repays all the remaining principal and interest of a partially amortized or unamortized loan.
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Los Angeles is one of the few cities in the nation with a law on the books regarding predatory lending - usually marked by loans that have high interest rates, large monthly payments and a balloon payment at the end. For instance, if a borrower wants to put debt on a property for two years, there are terms ranging from five, seven and ten years on a 25-30 year amortization schedule, with a balloon payment at the end of the period. The latter can be accomplished either by making larger payments after the employee returns to work, or the employee can continue to pay the same amount as prior to the leave, then make a balloon payment at the end. |
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balloon payment
