MONTHLY INSTALLMENT Meaning and
Definition
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A monthly installment refers to a regular and predetermined amount of money that is typically paid by an individual or entity towards a specific debt or obligation over a fixed period of time, usually on a monthly basis. It is a common form of debt repayment used for various purposes, such as loans, mortgages, credit card balances, or other types of financing.
The term "monthly installment" is often associated with loans, where borrowers agree to pay back the borrowed amount on a scheduled basis, rather than in one lump sum. The agreed-upon repayment plan ensures that the debtor repays the debt in smaller, more manageable increments over an agreed period, typically monthly. Each payment made contributes to reducing both the principal amount borrowed and any associated interest charges, eventually resulting in the full repayment of the debt.
Monthly installments are calculated using various factors, including the principal amount borrowed, the duration of the repayment period, and the applicable interest rate. These payments are typically fixed for the duration of the loan, providing borrowers with a clear understanding of the financial commitment required.
Overall, monthly installments serve as a convenient and structured method for individuals or entities to repay debts over time, allowing borrowers to budget and plan their finances accordingly.
Common Misspellings for MONTHLY INSTALLMENT
- nonthly installment
- konthly installment
- jonthly installment
- minthly installment
- mknthly installment
- mlnthly installment
- mpnthly installment
- m0nthly installment
- m9nthly installment
- mobthly installment
- momthly installment
- mojthly installment
- mohthly installment
- monrhly installment
- monfhly installment
- monghly installment
- monyhly installment
- mon6hly installment
- mon5hly installment
- montgly installment
Etymology of MONTHLY INSTALLMENT
The word "monthly" originated from the late Middle English word "mothly" which comes from the Middle English words "mothe" (moon, month) and "-ly" (suffix indicating "like, in the manner of"). The word "installment" comes from the Old French word "estaler" meaning "to place, arrange" which further came from the Latin word "stallum" meaning "place, station". So, the term "monthly installment" is a combination of the words "monthly" and "installment" to describe the periodic payment made, usually on a monthly basis, toward the completion of an obligation or purchase.
