payment in installments

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Tags: payments

A series of payments that a buyer makes instead of a lump sum to compensate the seller. Installment payments often, but do not always, include interest to pay the seller for accepting the credit risk that the buyer will not make payments in a timely manner.
(source: http://financial-dictionary.thefreedictionary.com/Installment+Payments)

Synonyms:
payment plans, pay off
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