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Amortized Loan
An amortized term loan has scheduled periodic payments applied to both the loan's principal and accrued interest. Loan payments are first applied to the interest expense for the period, after which the remainder of the payment is applied to the principal amount. Term loans can have fixed or variable interest rates.
Partially amortized loan
A partially amortized term loan means that the borrower repays only a portion of the loan in scheduled, periodic payments, and the remaining balance is paid at the end of the term.
Balloon Payment
A balloon payment is a payment that is due at the end of a partially amortized loan.
Secured loan
A secured or collateralized loan means the loan is backed by a valuable asset, in this case, your boat.
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