payoff statement Definition | Business Dictionaries from AllBusiness.com
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Business Definition for: payoff statement
payoff statement

document prepared by a lender when a borrower is considering paying off a mortgage or other loan, showing the number of remaining payments, principal balance due, the daily rate of interest, and amount of interest to be rebated if the borrower prepays. Also called letter of demand.

Copyright c 2006, 2000, 1997, 1993, 1990 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.

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