Sentences with phrase «declining outstanding principal»
With this «straight line» amortization of principal, the principal repayment is constant at $ 10,000 but the interest decreases with the declining outstanding principal on which it is calculated over time.
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The amount of interest has declined, since it is based on the remaining amount of principal outstanding, which was only $ 10,000 during the month.
Mortgage life insurance insures a loan secured by real property and usually features a level premium amount for a declining policy face value because what is insured is the principal and interest outstanding on a mortgage that is constantly being reduced by mortgage payments.