Kansas Statutes 76-830. Payment and computation of repayment amounts
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Terms Used In Kansas Statutes 76-830
- Amortization: Paying off a loan by regular installments.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Month: means a calendar month, unless otherwise expressed. See Kansas Statutes 77-201
Commencing on the first day of the 24th month commencing after the loan date, the principal and interest of such loan amounts shall be repaid in payments payable annually over a period of 20 years. The repayment amounts shall be recomputed each year to reflect the interest rate prescribed by Kan. Stat. Ann. §§ 76-829 and amendments thereto and shall be calculated each year on a substantially level payment basis based on a total original amortization period of 20 years.