07-17-2008 05:28 PM - edited 07-17-2008 07:41 PM
With an installment loan, you borrow a certain amount once and then pay it off over a predetermined period of time, usually with a fixed monthly payment that includes principal and interest. Once the loan is repaid in full, the account is closed. Examples of installment loans are auto loans, mortgage loans, student loans, and most personal loans.
Can anyone tell me simply? LOL
07-17-2008 10:57 PM
07-17-2008 11:13 PM
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