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An early-exit calculation is not always ordinary amortization
Some teaching schedules assume a standard method that may not match a product's settlement rules.
The columns explain an assumption, not the legal payoff process.
The actual agreement and current provider figure establish that process. Keeping the example's limits visible preserves its educational value without treating its answer as an enforceable quote.
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Definitions
- Total repayable
- Sum payable under the stated schedule and its assumptions; contingent charges and changes must be considered separately.
- Amount received
- Money actually made available to the borrower, which can differ from the stated loan amount if a charge is deducted.