If a customer purchases an eligible item during a sales tax holiday, but after the sales tax holiday returns the item and receives a credit toward the subsequent purchase of a different item, the purchase of that item does not qualify for the exemption even if it is an eligible item.
loan amortization schedule. Definition. Schedule of loan payments that shows due dates and the amount of money that will applied to the principal and the amount that will go towards the interest. This schedule may be adjusted if a borrower pays more than expected during a specific billing period.
The process of paying down loans in small increments over time is called âamortization.â Large loans with long payment periods (i.e. mortgages) can feel overwhelming, so it can be helpful to make a plan of payment - this is called an amortization schedule.