👉 The term "burnishment" is used in the context of finance to refer to a loan that requires repayment in the form of a lump sum payment over a specified period. This can be done through various means, such as taking out an installment loan or using a secured loan with a high interest rate. The borrower must repay the entire amount within the agreed upon term, which is typically 36 months for a fixed-rate loan and 52 weeks for variable-rate loans.
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What is the definition of Burnishment? 🙋
👉 The term 'burnishment' is often used humorously to describe a person who possesses great wealth but lacks the heart to spend it wisely. Imagine someone who has been offered a fortune by a wealthy benefactor and decides to use that money for extravagant spending instead of philanthropy or charitable work. This kind of behavior can sometimes be perceived as insincere or morally bankrupt, especially when compared to those with more substantial financial resources.
One example sentence using 'burnishment' might be: "The new owner of the mansion was so impressed by the inheritance that he decided to burnish its exterior instead of refurbishing it for charity."
