Definition
'Payable' refers to something that must be paid or is due for payment. Think of it as a bill you receive each month โ it's 'payable' by a specific date ๐ . Unlike something that's free, a 'payable' item comes with a cost you must cover. It could be a rent, taxes, or a loan installment. When something is 'payable,' it creates a financial obligation. Ignoring 'payable' items can lead to late fees or other penalties.