instalment
noun

a part of a payment which is paid regularly until the total amount is paid

Example

The first instalment is payable on signature of the agreement.

(Note The US spelling is installment.)
Usage
to pay £25 down and monthly instalments of £20
to pay a first payment of £25 and the rest in payments of £20 each month
Browse by Subjects
deferred consideration
deferred payment
pay off
hire purchase agreement
amount paid up
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