balloon payment

noun

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 18 Apr. 2021.

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