FINAL INSTALLMENT Meaning and
Definition
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The term "final installment" refers to the last payment or part of a debt, loan, or financial obligation that must be made to complete or settle the total amount owed. It is commonly seen in various contexts such as installment plans, mortgages, car loans, and other forms of credit arrangements.
In the context of an installment plan, a final installment represents the last scheduled payment that needs to be made to fully repay the total amount borrowed over a specific period. This could involve dividing a significant sum of money into smaller, more manageable payments, which are paid at regular intervals until the final installment is reached. Once the final installment is paid, the debt is considered fully repaid, and the individual's financial obligation is fulfilled.
When it comes to loans, the final installment also denotes the ultimate payment that signifies the conclusion of the loan agreement. It is typically larger than previous payments, as the interest and principal are often distributed unequally throughout the duration of the loan. The final installment may include any remaining balance as well as closing fees or other charges associated with the loan.
Overall, the final installment represents the culmination of a financial obligation, indicating that all payments have been made, and the debtor is released from any further payment requirements.
Common Misspellings for FINAL INSTALLMENT
- dinal installment
- cinal installment
- vinal installment
- ginal installment
- tinal installment
- rinal installment
- funal installment
- fjnal installment
- fknal installment
- fonal installment
- f9nal installment
- f8nal installment
- fibal installment
- fimal installment
- fijal installment
- fihal installment
- finzl installment
- finsl installment
- finwl installment
- finql installment
Etymology of FINAL INSTALLMENT
The word "final" originated from the Latin word "finis", which means "end" or "limit". It entered the English language in the late 14th century and has since been used to refer to something that represents the ultimate stage or conclusion of something.
The word "installment" comes from the Latin word "installare", which means "to put in place" or "to establish". It was first used in English in the late 16th century and refers to a portion of payment or transfer that is made at regular intervals until a debt or obligation is fully satisfied.
Therefore, the term "final installment" combines "final" and "installment" to describe the last or concluding portion of a payment or transfer made at regular intervals until a particular agreement or debt is completely fulfilled.
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