Prepay Meaning: Definition, Examples, and Translations
๐ณ
prepay
[priหหpeษช ]
Definition
financial transaction
To prepay means to pay for a service or product before it is due or before it is consumed. This can happen in various contexts, such as paying for insurance, loans, or subscriptions in advance.
Synonyms
advance payment, pay in advance, prepayment.
Examples of usage
- I decided to prepay my mortgage to reduce interest.
- He chose to prepay his phone plan for the year.
- Many customers prefer to prepay their utility bills.
Translations
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Origin of 'prepay'
The word 'prepay' is a combination of the prefix 'pre-', meaning 'before', and the verb 'pay'. The prefix originates from the Latin 'prae', which translates to 'before'. The concept of prepayment can be traced back to various financial practices throughout history, allowing individuals and businesses to manage their cash flow more effectively. This term has gained prominence with the advent of subscription services and online payments, as people sought to secure services without the hassle of recurring payments.
Word Frequency Rank
At rank #29,277, this word represents specialized academic or technical vocabulary. It's less frequently encountered but may be valuable in specific contexts.
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- 29274 inching
- 29275 cardiologist
- 29276 sphagnum
- 29277 prepay
- 29278 halving
- 29279 authenticating
- 29280 repositioned
- ...