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From The Collaborative International Dictionary of English v.0.48:
Overpay \O`ver*pay"\, v. t. [imp. & p. p. Overpaid; p. pr. & vb. n. Overpaying.] 1. To pay too much to; to reward too highly. [1913 Webster] 2. To pay too much for; as, to overpay the loan balance. [PJC]