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English definition of “pre-pay”

pre-pay

verb    
[I or T] MARKETING, COMMERCE to pay for a product or service before you receive it: Reservations will go only to those willing to prepay for their rooms.
[T] FINANCE to pay back all or part of a debt before you have to: When homeowners refinance or prepay their loans, investors get their money back sooner than expected, reducing the bonds' returns.
(Definition of pre-pay verb from the Cambridge Business English Dictionary © Cambridge University Press)
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