If a loan payment due October 1 pays for interest due for the month of September, the loan payment is deemed to be paid in advance.

Name: If a loan payment due October 1 pays for interest due for the month of September, the loan payment is deemed to be paid in advance.
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The loan payment is not paid in advance; it is paying for the interest accrued in the past period (September), making it a payment in arrears, not in advance.

If a Loan Payment Due October 1 Pays for Interest