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English definition of “interest in advance”

interest in advance

noun [U]
 
 
FINANCE
interest relating to a particular period of a loan, calculated or paid at the beginning of the period: If you pay interest in advance for a period that goes beyond the end of the tax year, payments will normally be spread over the tax years to which it applies.
(Definition of interest in advance from the Cambridge Business English Dictionary © Cambridge University Press)
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