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 you pay the loan off early, you may have to pay a penalty if a penalty was part of your loan agreement. Prepayment penalties are generally based directly or indirectly on your remaining loan balance. The longer youâve had your loan and the less you owe, the smaller your penalty will be.hop Around. If youâre shopping for loans and you donât want a prepayment penalty, shop around. Different lenders will approach your needs differently. You may have to pay a higher interest rate, which means your monthly payments will be higher, but youâll be able to get out of the loan at any time.