Definition: the amount set by the creditor as a penalty to the debtor for paying off the debt before it matures
Pronunciation: \(ˌ)prē-ˈpā-mənt\\ˈpe-nəl-tē\
Used in a Sentence: A prepayment penalty is charged by a lender to recoup a portion of interest the lender planned to earn when the loan was made.
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