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Installment Loan

Last Updated: November 15, 2006 | Related resource areas: Personal Finance

An amount of money that is borrowed to buy things such as a house, car, or appliance. Loans are typically repaid in equal monthly amounts, such as a 36-month loan to buy a car. The longer the repayment period, the lower the monthly payment but the greater the total interest cost.


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Financial Security: Consumer Credit, Financial Security: Financial Planning Process, Financial Security: Home Ownership, glossary

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