installment loan

Definition

A loan that is repaid with a fixed number of periodic equal-sized payments.

Use installment loan in a sentence

The installment loan was going to become due in the next quarter so we had mentioned that in the footnotes.

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I wish I had applied for an installment loan; having payments that are different prices makes it hard to budget my month bills.

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Because Fred did not have enough money in his account to purchase the Mercedes outright, he obtained an installment loan from his bank.

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monthly debt service Rule of 78