Amortization

[ə,mɔːtaɪ'zeɪʃən] or [ə,mɔtɪ'zeʃən]

(noun.) payment of an obligation in a series of installments or transfers.

(noun.) the reduction of the value of an asset by prorating its cost over a period of years.

Inputed by Fidel--From WordNet

(n.) The act or right of alienating lands to a corporation, which was considered formerly as transferring them to dead hands, or in mortmain.

(n.) The extinction of a debt, usually by means of a sinking fund; also, the money thus paid.

Edited by Leah