Definition, Meaning & Synonyms

annual-payment

noun

/ˈæn.ju.əl ˈpeɪ.mənt/

Definition

An amount of money paid once a year for a service, loan, or financial obligation.

Examples

The annual payment for my insurance policy is due in March.
Many people choose to pay their taxes as an annual payment to simplify their finances.
She received the annual payment for her membership at the fitness center last week.

Meaning

Annual payment refers to any regular payment made on a yearly basis. This can include loan repayments, insurance premiums, or subscription fees that are settled annually.