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interest-only loan |
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Interest-only loan A loan in which payment of principal is deferred and interest payments are the only current obligation. interest-only loan A loan on which one pays periodic interest payments without any reduction in principal,and the entire principal balance is due and payable upon maturity of the note. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The five-year, interest only loan, provided by a commercial bank, carries a variable interest rate of LIBOR plus 2. She was sold on a variable rate interest only loan that gave her an extremely low payment but she was never told how the loan actually worked. By paying down the principal on an interest only loan it results in a reduction in the interest payment amount due each month. |
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