letter of demand |
Definition
Document prepared by a lender for a borrower who is paying off a loan before the completion of its term. It shows the principal balance outstanding, accrued interest, interest rebate, and early payment penalties (if any). Also called payoff statement.
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letter of demand is in the Accounting & Auditing and Banking, Commerce & Finance subjects.
letter of demand appears in the definition of the following term: payoff statement
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