Business Terms and Jargon Explained
What is Installment
This is where a payment is not paid all at once. The amount is paid over a period of time broken into instalments (pieces). This means that the amount owed is now on credit and interest may be charged. The instalments may include the interest. E.g. £1000 is paid over 12 months with an interest rate of 10%. The total amount owed is then £1100. This divided by twelve gives £91.66
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Term created / updated 2006-05-10 23:36:05
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