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final payment

 

Definitions from WordNet

Noun final payment has 1 sense
  1. payoff, final payment - the final payment of a debt
    --1 is a kind of payment

Definitions from the Web

Term: Final Payment

Description:

Final payment refers to the last installment of a payment or the sum of money that settles a debt, contract, or obligation completely. It signifies the conclusion of a financial transaction.

Possible Parts of Speech:

  • Noun

Senses and Usages:

  1. Sense 1:

    As a noun, final payment can refer to the last payment made towards the total amount owed in a financial transaction.

    Example sentence:

    After making all his monthly payments, John was relieved to submit his final payment on the car loan.

  2. Sense 2:

    Final payment can also be used to describe the conclusion of a contract or the fulfillment of an agreement, where the last payment signifies the completion of the involved obligations.

    Example sentence:

    The contractor demanded his final payment upon successfully completing the construction project within the agreed timeframe.

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