What Is The Correct Spelling Of Installment?

What is a first installment?

Definition of First Installment Payment Date First Installment Payment Date means the first Payment Due Date following the Amortization Commencement Date.

First Installment Payment Date means the date on or after the scheduled payment date thereof that the initial Installment Amount is delivered to the Holder..

What does the word installment mean?

(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 is installment payment system?

A series of payments that a buyer makes instead of a lump sum to compensate the seller. Installment payments often, but do not always, include interest to pay the seller for accepting the credit risk that the buyer will not make payments in a timely manner.

What is the meaning of monthly installment?

An equated monthly installment (EMI) is defined by Investopedia as “A fixed payment amount made by a borrower to a lender at a specified date each calendar month. … EMIs differ from variable payment plans, in which the borrower is able to pay higher payment amounts at his or her discretion.

Is installment a credit?

Installment credit is simply a loan you make fixed payments toward over a set period of time. The loan will have an interest rate, repayment term and fees, which will affect how much you pay per month. Common types of installment loans include mortgages, car loans and personal loans.

How do you use bailiff in a sentence?

Bailiff sentence examplesThis state of affairs appears to have continued until the accession of James I., and in 1595 the bailiff and constables of Hexham were removed as being “infected with combination and toleration of thieves.” … In 1539 a charter incorporated the bailiff and inhabitants.More items…•

What are examples of installment credit?

Examples of installment credit include auto loans, student loans or a home mortgage. Revolving debt, on the other hand, is a little different. With an installment loan, you can’t add to the balance; you can only pay it down.

What is difference between hire purchase and installment payment system?

When a hirer defaults in the payment of hire charges, the financier has the right to forfeit the money paid till that date and take back the possession of the goods. Whereas in installment purchase, the installment paid are not forfeited and the financier is liable to receive the remaining dues.

What is installment in simple interest?

This amount will be equal to the principal borrowed and interest given on that for 4 months. Example: A device is available for Rs 5000 cash or Rs 500 down payment followed by 4 equal installments. If the rate of interest charged is 25% per annum simple interest, calculate the monthly installment.

Which is correct Instalment or installment?

An instalment (or installment in American English) usually refers to either: A sum of money paid in small parts in a fixed period of time. A single payment within a staged payment plan of a loan or a hire purchase (installment plan)

How do you use installment in a sentence?

Installment in a Sentence 🔉The buyer has paid one installment out of twelve and will pay the remaining portions by the month. 🔉Each car of the installment payment is due on the 5th of each month. 🔉The first college scholarship installment will be released today, and the next increment will be paid out next month. 🔉

What is a payment installment?

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.

How do you write installment in short form?

INSTL – “Installment” by AcronymsAndSlang.com.

How is installment calculated?

USING MATHEMATICAL FORMULA EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments.

How do installment plans work?

Installment plans allow you to finance a purchase by paying for it over a set period of time — generally anywhere from a few weeks to a year. They’re basically a modern version of the layaway, with the big difference being that you get the product after your first installment.

What is difference between hire purchase and installment system?

Hire Purchase: System of buying goods by making regular payment until the full price is paid. Installment: System of credit sale in which a sum of money or debt is paid regularly in installment. Hire Purchase: Buyer cannot transfer or sell the good until the final installment is made.