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Repayment for Dummies

noun

pronunciation: ri'peɪmʌnt

What does Repayment really mean?

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Repayment is a word that we often hear when it comes to borrowing or lending money. When we say "repayment," we are basically talking about the action of giving back or returning money that we have borrowed from someone else. Let me break it down for you in simpler terms.

Imagine you have a friend named Sarah who is kind enough to lend you her bicycle for a few weeks. You promised her that you will take good care of it and return it to her safely. Now, the act of giving the bicycle back to Sarah is similar to the concept of repayment. Just like you need to repay Sarah for her kindness by returning her bicycle, repayment, in a financial sense, means giving back the money you have borrowed.

But wait, there's more! Repayment can also refer to the process of gradually returning borrowed money over a certain period of time, usually in regular installments. Let's say you borrowed $100 from your parents to buy a new toy. Instead of giving them the full amount back all at once, they might ask you to repay them in weekly installments of $10 over a span of ten weeks. This way, you are repaying or returning the borrowed money in smaller, more manageable chunks over time.

So, to sum it up, repayment means giving back or returning borrowed money, either in full or in regular installments over a specific period. Just like you return your friend's bicycle after borrowing it, repayment is the act of honoring your commitment and giving back money that you have borrowed from someone else. It's all about keeping your word and being responsible with money!


Revised and Fact checked by Emily Johnson on 2023-10-29 16:34:45

Repayment In a sentece

Learn how to use Repayment inside a sentece

  • When you borrow money from someone, you need to make regular repayments to give the money back.
  • If you buy a new phone on a payment plan, you have to make monthly repayments to the phone company.
  • When you take out a loan to buy a car, you have to make monthly repayments to the bank over a period of time.
  • If you get a credit card and use it to buy things, you have to make monthly repayments to the credit card company.
  • If you borrow money from a friend, you need to make sure you set up a plan to make repayments and pay them back over time.

Repayment Synonyms

Words that can be interchanged for the original word in the same context.

quittance quittance refund refund

Repayment Hypernyms

Words that are more generic than the original word.

defrayal defrayal defrayment defrayment payment payment payment payment

Repayment Hyponyms

Words that are more specific than the original word.

redemption redemption