Question

Pizzazz 164 answers???? What do you call it when someone pays back a loan quickly

Answer 1

Answer: A sudden debt pay off

Step-by-step explanation:

A loan in this context is a specific amount of money that is borrowed to be paid back with interest. The lender is usually an individual, financial organizations or the government.

The lender and the borrower both share the terms of agreement which includes interest rates, date of payments and other stipulated conditions.

When a borrower pays a loan quickly, it is known as Sudden Debt Payoff.

This is because the borrower pays back before the date that both parties agreed on.