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Payment by instalments
A series of payments that a buyer makes instead of a lump sum to compensate the seller. It often includes interest to pay the seller for accepting the credit risk that the buyer will not make payments in a timely manner. The method of payment by instalments makes expensive goods and services available to buyers who would not otherwise be able to afford them.
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- Part of Speech: noun
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- Industry/Domain: Financial services
- Category: General Finance
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