How Do You Spell REPAYMENTS?

Pronunciation: [ɹɪpˈe͡ɪmənts] (IPA)

The word "repayments" is spelled /rɪˈpeɪmənts/. It is made up of the prefix "re-", which means to do something again, the root "pay", which means to give money in exchange for something, and the suffix "-ment", which indicates the action or process of doing something. The "ay" combination in the root is pronounced as /eɪ/, and the "-ment" suffix is pronounced as /mənt/. Put together, "repayments" refers to the process of paying back money that was previously borrowed or owed.

Meaning and Definition
Top Common Misspellings
Other Common Misspellings
Etymology
Similar spelling words
Basic Check Advanced Check

REPAYMENTS Meaning and Definition

  1. Repayments, also known as loan repayments or debt repayments, refer to the periodic installment amounts or scheduled payments made by a borrower to a lender in order to repay a loan over a specified period of time. It is a vital element in any loan or credit agreement and plays a crucial role in the overall financial process.

    When an individual or business borrows a sum of money from a financial institution or lender, a repayment plan is established, outlining the specific terms and conditions for returning the borrowed funds. This plan typically includes the amount of each repayment installment, the frequency of payments (e.g., monthly or quarterly), and the duration of the repayment period.

    Repayments usually consist of two components: principal and interest. The principal amount is the original sum borrowed, while the interest is the additional fee charged by the lender for the privilege of borrowing the funds. With each repayment installment, a portion of the principal is paid off, reducing the outstanding debt, and another portion covers the accrued interest.

    Making repayments in a timely manner is essential to maintain a healthy financial standing and to fulfill the terms of the loan agreement. Failure to meet repayment obligations can result in penalties, higher interest rates, collection efforts, or even legal consequences.

Top Common Misspellings for REPAYMENTS *

* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.

Other Common Misspellings for REPAYMENTS

Etymology of REPAYMENTS

The word "repayments" is derived from the verb "repay", which is a combination of the prefix "re-" meaning "again" or "back" and the word "pay", which comes from the Latin "pacare" meaning "to please" or "to satisfy". "Repayment", then, refers to the act of paying back money that was borrowed or owed.

Similar spelling words for REPAYMENTS

Infographic

Correct spelling for repayments
Add the infographic to your website: