Amortization (here) is the payment of loan by distributing the total payable amount equally, called as installments. These installments are to be paid at a regular interval mostly with an interest payment. The interest rate is always fixed at the time of taking loan. Banks prefer to take the interest first followed by the principal amount of the installment. The loan is taken for a fixed period in which the loan is to be repaid. The principal amount along with the interest rate is fixed in such a way that the loan gets completely paid at the end of the scheduled period if all the payments are made timely without default.
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