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Simple English definitions for legal terms

paydown

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A quick definition of paydown:

Term: PAYDOWN

Definition: Paydown refers to a loan payment that is less than the total amount of money borrowed. For example, if someone borrows $100 and makes a payment of $50, they have paid down the loan by $50. This means they still owe $50. Paying down a loan can help reduce the amount of interest that accrues over time and can help the borrower pay off the loan faster.

A more thorough explanation:

Definition: A paydown is a loan payment that is less than the total loan principal.

Example: If you have a loan for $10,000 and you make a payment of $5,000, that payment is considered a paydown.

Explanation: A paydown is a partial payment made towards a loan. It is not the full amount owed, but rather a smaller amount that reduces the overall balance of the loan. In the example given, the borrower made a payment of $5,000 towards a $10,000 loan, which means they still owe $5,000. This is a common practice for borrowers who may not be able to make the full payment, but still want to reduce their debt.

payback period | payer

General

General chat about the legal profession.

General >T14 Off Topic

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GreyCeaselessMammoth

9:44

i think he has good chances there

Mostlylegal

9:44

upenn famously hates high lsats

GreyCeaselessMammoth

9:45

https://www.lsd.law/users/creep/UselessPlasticWarthog

GreyCeaselessMammoth

9:45

ollie blueprint

cumsock

9:45

do you think about the days when we sat down smoking wine and drinking haze

PuppyBot

9:48

morninh

cumsock

9:48

i wanna quit my jorb

cumsock

9:49

and ride the rails

BulbasaurNoLikeCardio

9:49

@cumsock: same and not cause it sucks, I love who I work with/for and it is super easy but I am trying to save a lot of LS so I can ball out while unemployed

BulbasaurNoLikeCardio

9:50

How much is everyone trying to save up for when they get to school?

shaquilleoatmeal

9:51

@PuppyBot: tripppp, u were heavy on my mind last night after the bs in the chat

cumsock

9:51

i plan to be the most frugal mf alive in school

cumsock

9:52

paint chips for dinner

cumsock

9:52

thats what i always eat tho

lilypadfrog

9:52

glove do you want to go dumpster diving with me

cumsock

9:52

yea thats where all the good snacks are

cumsock

9:52

like plastic bags

lilypadfrog

9:53

😋😋😋😋

[] starfishies

9:53

@BulbasaurNoLikeCardio: i didn't think about this until it was too late lol i'll be lucky to save like 7k if that

shaquilleoatmeal

9:54

@BulbasaurNoLikeCardio: saving enough to have mortgage +bills for the first 2 years of law school, figured i can work again after the 2nd year but at least ill give myself the flexibility to focus on school and not bills. A little to the side because life happens and sometimes u need to prepared for hitting rock bottom

BulbasaurNoLikeCardio

9:54

I am trying to be pretty frugal now, looked up the cost to have PODs move my shit and I am like fuck that is a lot. I am trying to squirrel half my monthly income away so I can have a fat amount of cushion

PuppyBot

9:54

@shaquilleoatmeal: how sweet

PuppyBot

9:55

i need to make my matcha

cumsock

9:55

we just need one parlay

BulbasaurNoLikeCardio

9:55

I think my biggest stress will be two mortgages until my current place sells.

shaquilleoatmeal

9:56

@BulbasaurNoLikeCardio: yea 2 is no joke, and diapers cost just as much as 1 mortgage lmao

BulbasaurNoLikeCardio

9:57

diapers are nothing... fucking formula cost and you gotta stock pile because the random shortages

BulbasaurNoLikeCardio

9:58

Wife gets out of the army like 2m after law school starts too and she is going to go to school full time so itll be a tight budget all of the first semester

whenpigsfly

9:59

do u guys know if there are any potential consequences of dropping a job after submitting an app? Like would I have to update my resumes that I’m no longer there

PuppyBot

9:59

do you have a baby registry?

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