prepayment

Meanings

• Noun

  Payment made before the due date to avoid late fees or to secure a discount.

  - "The customer chose to make a prepayment to avoid any additional fees."
  - "Prepayments are common in real estate transactions to secure a lower interest rate."

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Rhymes

Words rhyming with prepayment
payment , station , creation , ration

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Variants

List of all variants of prepayment that leads to same result
prepaid , prepay , prepaying , prepayment , prepayments , prepays

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Etymology

origin and the way in which meanings have changed throughout history.

A combination of the words 'premium' and 'payment'. The term 'prepayment' first appeared in the late 1800s.

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. Did you know that prepayments can also be used to secure a lower interest rate on a loan?

2. Prepayments are not limited to financial transactions – they can also be used in the context of shipping and logistics.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Advance payment: Another term for prepayment, often used in the context of business transactions.

2. Down payment: A type of prepayment made in the context of buying a property or a vehicle.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

Prepayments are a common practice in various industries, including real estate, utilities, and education. They can help individuals and businesses save money and avoid late fees.

How to Memorize "prepayment"

1. visualize
   

   - Visualize a person making a payment before the due date, either in person or online, to help remember the meaning of prepayment.

2. associate
   

   - Associate the word 'prepayment' with the idea of saving money and avoiding late fees to help remember its meaning.

3. mnemonics
   

   - Use the mnemonic 'Pays Before' to remember the meaning of prepayment.

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Memorize "prepayment" using Dictozo

The best and recommended way to memorize prepayment is, by using Dictozo. Just save the word in Dictozo extension and let the app handle the rest. It enhances the memorization process in two ways:

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