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What is reducing balance?

Balance reducing
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What is reducing balance?

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Reducing balance is the method of reducing the principal amount already paid, from the outstanding loan amount. Every time you make a payment, you pay interest on that part of the original principal sum that has remained un-repaid till then.

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A Reducing balance is the method of reducing the principal amount already paid, from the outstanding loan amount. Every time you make a payment,you pay interest on that part of the original principal sum that has remained un-repaid till then.

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