Basic Real Estate Concepts Quiz - Test Your Knowledge!

What does it mean when a loan is amortized?

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Correct Incorrect Loan amortization means making regular payments that slowly reduce both what you borrowed and the interest you owe—until you’ve fully paid off the loan.

What does it mean when a loan is amortized?

• You're paying off loan and interest gradually
• You're figuring out your taxes
• Your interest rate might change later
• You’re paying the full loan off early