👉 Proration is a financial concept where an investor or borrower divides the principal amount of a loan into smaller amounts over a period of time. This can be done through various methods such as partial repayments, lump-sum payments, or even direct debits from the borrower's checking account. In the context of proration, it refers to the act of dividing the principal amount of a loan into smaller amounts over a specified duration (such as 30 days or 6 months) and then repaying
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What is the definition of Prorate? 🙋
👉 Proration, also known as revaluation or depreciation, is a method used to adjust the value of an asset over time by reducing its carrying amount. This adjustment is typically made when an asset's useful life has expired or when it becomes more expensive than its cost basis due to wear and tear. The term "prorate" refers to the process of adjusting the value of a property, such as a building or land, based on the expected future value of that asset rather than the present value.
