Examlex
Which word is used incorrectly in the following sentence?
Hear is your order of two cheeseburgers and two large portions of curly fries.
Amortized Loans
Loans that are paid off over time through a series of fixed, regular payments where part of each payment covers the interest expense and the remaining amount reduces the principal balance.
Balloon Payment
A large, one-time payment made at the end of a loan term to pay off the remaining balance, typically used in mortgage or bond agreements.
Principal
The initial amount of money borrowed or invested, excluding any interest or dividends.
Interest-Only Loan
A loan where the borrower pays only the interest on the principal balance for a set term while the principal amount remains unchanged.
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