Ashley works 40 hours a week and is paid a weekly salary for those 40 hours. As a covered, nonexempt employee, Ashley must be paid a minimum weekly salary of $290 in order to meet the statutory minimum wage requirement. The minimum wage does not always have to be paid in monetary terms.
DEFINITION of 'Prepayment'. The satisfaction of a debt or installment payment before its official due date. A prepayment can be for the entire balance or for any upcoming payment that is paid in advance of the date for which the borrower is contractually obligated to pay it.Examples of a prepayment come in the form of rent or early loan repayments.Next Up.EFINITION of 'Prepayment'. The satisfaction of a debt or installment payment before its official due date. A prepayment can be for the entire balance or for any upcoming payment that is paid in advance of the date for which the borrower is contractually obligated to pay it.
There Are Two Types of Prepayment Penalties. A prepayment penalty, also known as a âprepayâ in the industry, is an agreement between a borrower and a bank or mortgage lender that regulates what the borrower is allowed to pay off and when. Most mortgage lenders allow borrowers to pay off up to 20 percent of the loan balance each year.