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.
If your loan term is less than 12 months, these optionsare available in each term. Prepayment Charge When you prepay some, or the entire principal of your loan, you will incur prepayment charges unlessthe partial prepayment is in accordance with the Prepayment Options chart above.repayment Terms and ConditionsPrepayment Charges â Paying off your loan before the maturity date. You may prepay some, or the entire loan early, based on the type of loan you have. If we later agree tochange or extend the terms of the loan, these prepayment conditions do not apply to the new renewal orextended term.