Repayment refers to the process of paying back borrowed money or fulfilling a financial obligation. This can occur in various forms, such as paying back a loan from a bank or returning funds to a friend. Repayment terms often include a specific amount to be paid back, interest rates, and a timeline for when payments are due. In many cases, repayment is structured through installments, where the borrower pays a portion of the total amount over time. This is common in loans for items like cars or homes, where the borrower makes regular payments until the debt is fully settled.