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term:
Prepay
prepay vt
pre·paid
pre·pay·ing
: to pay or pay the charge on in advance (as of date due or maturity date) [no penalty for ing your student loan]
pre·pay·ment n
Source: Merriam-Webster’s Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.