ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An installment debt is a loan that is repaid by the borrower in regular installments. An installment debt is generally repaid in equal monthly payments that include interest and a portion of the principal.

Detailed explanation-2: -Installment loans-also known as installment credit-are closed-ended credit accounts that you pay back over a set period of time. They may or may not include interest. Read on to learn more about different types of installment loans and how they work.

Detailed explanation-3: -Many loans are repaid by using a series of payments over a period of time. These payments usually include an interest amount computed on the unpaid balance of the loan plus a portion of the unpaid balance of the loan. This payment of a portion of the unpaid balance of the loan is called a payment of principal.

Detailed explanation-4: -a method of paying for something in which a person pays part of the cost immediately and then makes regular payments until the debt is completely paid: Another option is working out an installment plan to pay taxes over time.

Detailed explanation-5: -Installment loans are personal or commercial loans that borrowers must repay with regularly scheduled payments or installments. For each installment payment, the borrower repays a portion of the principal borrowed and also pays interest on the loan.