hello, I am taking a loan for 12 months and on the contract it says "amortization 80.3 years" but the loan is only for 12 months and I am suppose to pay back the loan after 12 months, anyone know what the 80.3 years means? Thank you!
Added (1). $250,000
7.75% annually/ 1,725 monthly
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What does amortization mean?