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of <h1>Understanding Amortization: Paying Off Debts in Installments to Reduce State or Corporate Liabilities Over Time.</h1> Amortization, as defined in Black's Law Dictionary, 4th Edition, refers to the alienation of lands or tenements in mortmain, or the reduction of property to mortmain. In modern terms, it involves paying off bonds, stock, mortgages, or other debts, typically of a state or corporation, through installments or a sinking fund. An amortization plan involves making partial payments of the principal and accrued interest at specified intervals over a set period, ultimately extinguishing the entire debt by the end of the term.
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