Kansas Statutes 75-3680. Same; terms and conditions of repayment
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Terms Used In Kansas Statutes 75-3680
- Amortization: Paying off a loan by regular installments.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Month: means a calendar month, unless otherwise expressed. See Kansas Statutes 77-201
Commencing in calendar year 1988, the principal and interest of such loan amounts shall be repaid in payments payable annually in the month of March over a period of 15 years. The repayment amounts shall be recomputed each year to reflect the interest rate prescribed by Kan. Stat. Ann. §§ 75-3679 and shall be calculated each year on a substantially level payment basis based on a total original amortization period of 15 years.