How do you use installment in a sentence?
Installment sentence example
- The funded debt was then gradually reduced until the last installment was paid in 1903.
- The monthly installment should come well within your budget.
What is installment with example?
For each installment payment, the borrower repays a portion of the principal borrowed and also pays interest on the loan. Examples of installment loans include auto loans, mortgage loans, personal loans, and student loans.
What is installment in simple words?
(Entry 1 of 2) 1 : one of the parts into which a debt is divided when payment is made at intervals. 2a : one of several parts (as of a publication) presented at intervals.
What does paying in installments mean?
any of several parts into which a debt or other sum payable is divided for payment at successive fixed times; the scheduled periodic payment made on an installment loan: to pay for furniture in monthly installments.
What is a payment installment?
Instalment payments refer to a customer paying a bill in small portions throughout a fixed period of time. Start invoicing for free. Instalment payments are a payment plan arranged between the buyer and the seller. It’s usually clearly stated in the payment terms in a contract or on an invoice.
What is an example of an installment account?
When you open an installment account, you borrow a specific amount of money, then make set payments on the account. Common examples of installment loans include mortgage loans, home equity loans and car loans. A student loan is also an example of an installment account.
What are some types of installment loans?
Auto loans, mortgages, personal loans and student loans are all types of installment loans.
What does number of installment mean?
installment | American Dictionary one of a number of payments that you make over a period of time to pay for something that you can use while you are paying for it: We paid for the car in monthly installments over two years.
What do you mean by installment payment?
How do Installments work?
When you take out an installment loan, you immediately receive the money you’re borrowing or the item you’re purchasing. You pay it off—sometimes with interest—in regularly scheduled payments, known as installments. You typically owe the same amount on each installment for a set number of weeks, months or years.
What is monthly installment payment?
Key Takeaways. An equated monthly installment (EMI) is a fixed payment made by a borrower to a lender on a specified date of each month. EMIs are applied to both interest and principal each month so that over a specified time period, the loan is paid off in full.