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The amount required to repay a loan, including interest and fees.


The reception of compensation for a good or service. For example, if one sells a hairdryer for $10, the payment is $10. In a cash sale, payment is made immediately or almost immediately, while in a credit sale, payment may be delayed for a certain period of time.


Funds given to another in exchange for goods or services or as reimbursement for money loaned.A mortgage payment may consist of interest only;it could be a combination of principal and interest; or it could also include sums for real estate taxes, property insurance, and/or private mortgage insurance. In order to use Microsoft Excel to calculate your monthly principal and interest payment for a mortgage, do the following:

1. In cell A1, place the annual interest rate.

2. In cell A2, place the number of months of the loan to fully amortize it.

3. In cell A3, place the principal amount of the loan.

4. In cell A4, write the following formula exactly: pmt(A1/12,A2,A3)

5. Cell A4 will calculate your monthly payment.

References in classic literature ?
Madame, I should esteem that a great honor done me, but I am so pressed for time, that, you see, I have been obliged to permit myself to interrupt your repast to procure payment of my note.
Then it was all poppycock, two cents a word for minimum rate and payment upon acceptance.
That meant that Maria would not press for payment, and he resolved generously that it would be the only one he would pay; so he began searching through the cast-out heap for hers.
No friend of his ever escapes making the just, due payment.
It was bad hunting, and the Tanana people made payment for the bad hunting.
Helped by the kindness of my friend, I have arranged to have a cabin kept in reserve, on payment of a small deposit.
Nothing could be less acceptable to me than payment for the pleasure of entertaining a visitor," the doctor answered, knitting his brows; "and as to my advice, you shall have it if I like you, and not unless.
You would not make medicine until I had brought the payment in advance, and when I was returning to my village the great, white jungle god gave me back my Tibo--gave him to me out of the jaws of Numa.
From the same reason it is no unusual thing for both parties to be overreached in a bargain, though the one must be always the greater loser; as was he who sold a blind horse, and received a bad note in payment.
The merchant would not give more, especially as Darya Alexandrovna, for the first time that winter insisting on her right to her own property, had refused to sign the receipt for the payment of the last third of the forest.
Mark the sum; and remember at the same time, that the half-yearly payment to the young gentleman was due on the twenty-fourth of the month.
He was in terrible poverty, yet he took upon himself the payment of his brother's debts.