FIRST INSTALLMENT Meaning and
Definition
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The term "first installment" refers to the initial or first payment made towards a larger sum of money that is to be paid in multiple installments. It commonly pertains to financial transactions involving loans, purchases, or rent agreements.
When making a large purchase or acquiring a loan, the total cost is often divided into several smaller payments known as installments, allowing the payer to distribute the financial burden over a period of time. The first installment refers to the initial payment made at the beginning of this repayment process.
The purpose of the first installment is to signify the payer's commitment and agreement to fulfill the remaining payments as per the agreed-upon terms. It serves as a way to demonstrate the payer's intention to comply with the payment schedule and shows initial progress towards the total sum owed.
Moreover, the first installment may also serve as a security measure for the receiver of payments. By requiring an initial payment, the receiver can assess the payer's ability to meet their financial obligations and diminish the risk of non-payment. Additionally, the first installment may be subject to specific terms and conditions, such as deadlines or interest rates, which can be outlined in a contract or agreement.
Overall, the first installment acts as an important first step towards completing a larger financial transaction, ensuring commitment and providing a basis for the subsequent payments.
Common Misspellings for FIRST INSTALLMENT
- dirst installment
- cirst installment
- virst installment
- girst installment
- tirst installment
- rirst installment
- furst installment
- fjrst installment
- fkrst installment
- forst installment
- f9rst installment
- f8rst installment
- fiest installment
- fidst installment
- fifst installment
- fitst installment
- fi5st installment
- fi4st installment
- firat installment
- firzt installment
Etymology of FIRST INSTALLMENT
The word "installment" originated from the Latin word "installare", which means to set up or place in position. It was derived from the combination of "in" (meaning into or on) and "stallum" (meaning place or seat). "Installment" originally referred to the act of setting up or placing something, such as furniture or equipment.
The term "first installment" combines the word "first", which comes from the Old English word "fyrst", and "installment". "First" denotes the initial occurrence or instance of something, while "installment" refers to a portion or part of a larger whole. Combining these words, "first installment" is used to refer to the first part or payment of something that is divided or delivered over a period of time. It is commonly used in the context of making payments, especially when referring to a multi-part payment plan for a purchase or loan.
