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Bank discount

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bank discount

–noun
interest on a loan, deducted in advance from the face value of the note.

Origin:
1905–10
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2009.
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bank discount  
n.  The interest on a loan computed in advance and deducted at the time the loan is made.
The American Heritage® Dictionary of the English Language, Fourth Edition
Copyright © 2009 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Legal Dictionary

Main Entry: bank discount
Function: noun
: the interest that is discounted in advance on a note and computed on the face value of the note
Merriam-Webster's Dictionary of Law, © 1996 Merriam-Webster, Inc.
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