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In banking and accounting, the balance is the amount of money owed (or due) on an account. In bookkeeping, "balance" is the difference between the sum of debit entries and the sum of credit entries entered into an account during a financial period. [1] When total debits exceed the total credits, the account indicates a debit balance.
The principal balance, in regard to a mortgage, loan, or other debt financial contractual agreements, is the amount due and owed to satisfy the payoff of an underlying obligation. It is distinct from, and does not include, interest or other charges.
The amount of the arrears is the amount accrued from the date on which the first missed payment was due. The term is usually used in relation with periodically-recurring payments such as rent , bills , royalties (or other contractual payments), and child support .
The main body of the invoice provides an itemized list of goods or services rendered, specifying descriptions, unit prices, quantities, and total prices for each line item. Additional financial elements like taxes, shipping charges, and discounts are separately enumerated and added to the subtotal to calculate the grand total amount due. The ...
That may mean that there is a refinancing risk. Adjustable rate mortgages are sometimes confused with balloon payment mortgages. The distinction is that a balloon payment may require refinancing or repayment at the end of the period; some adjustable-rate mortgages do not need to be refinanced, and the interest rate is automatically adjusted at ...
Advance payments made as a loan are generally repayable but this is not always the case. In Leibson Corporation and Others v TOC Investments Corporation and Others, an English Court of Appeal case in 2018, [3] it was established following principles of contractual interpretation that, in the absence of any specific language to the contrary, an "advance" is not always repayable.
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These terms vary widely from 'cash terms', meaning that the invoice is due immediately [citation needed], to many forms of 'credit terms' (for example 30 days from date of invoice). [4] Unpaid invoices are considered outstanding , and those which remain unpaid for periods longer than their 'terms' indicate are considered overdue .