Repayment - Meaning, Definition & English Examples
Repayment is the act of returning money that was borrowed, typically in installments over time. It includes both the principal amount and any interest or fees agreed upon.
Definition:
The act of paying back money that has been borrowed or owed.
Synonyms:
reimbursement, settlement, refund, restitution
Part of Speech:
noun
Antonyms:
default, nonpayment
Common Collocations:
loan repayment, debt repayment, monthly repayment, early repayment
Derivatives:
repay, repaid, repaying
Usage Tips:
Use "repayment" when referring to returning borrowed money; it often involves a scheduled plan or agreement.
Common Phrases:
repayment plan, repayment schedule, in repayment of
Etymology:
Derived from Old French "repaiement," from "repayer" (to pay back), combining "re-" (again) and "payer" (to pay).
Examples:
- 1. She made the loan repayment on time every month.
- 2. The bank offers flexible repayment options for students.
- 3. His late repayment caused additional fees.
- 4. They agreed on a five-year repayment period.