Definition of balloon payment
US
: a final payment that is much larger than any earlier payment made on a debt
They agreed to pay $1,000 a year for five years and then make a balloon payment of $50,000 at the end of the term.
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“Balloon payment.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/balloon%20payment. Accessed 28 Jun. 2022.
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