Translation of "погашение" in English

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Examples of using "погашение" in a sentence and their english translations:

Эти деньги должны пойти на погашение долга.

The money is to be applied to the debt.

Если мы откладываем на автомобиль, или на погашение долга,

If you're saving for a car, if you're saving to pay down your debt,