what is an installment loan in finance?
Baghdadia Asked: what is an installment loan in finance?
One you pay back with installments over time, usually each month, until the loan and interest are paid off.
Answers:
doanenut Answered:
An example is a car loan.
Lets say you make a car loan for $10,000
They will give you three to six years to pay in monthly payments.
These monthly payments are referred to as installments (installment loan)
An example is a car loan.
Lets say you make a car loan for $10,000
They will give you three to six years to pay in monthly payments.
These monthly payments are referred to as installments (installment loan)
Rapture Answered:
$35,000 x 10% for 360 months equals $307 per month.
$35,000 x 10% for 360 months equals $307 per month.