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When a borrower makes a payment on an installment loan, a portion of the amount paid reduces the principal balance of the note payable. This statement is TRUE.
What is an installment loan?
Installment loans, which let you borrow money and repay it in equal monthly installments with a fixed interest rate, are a useful tool in your personal finance kit if you want to pay off large debts in discrete, manageable amounts.
The most typical sort of installment loan is a personal loan, but there are other types as well, like no credit check loans, mortgages, and auto loans.
Individuals who qualify for installment loans are able to borrow a fixed sum of money that is disbursed in one lump payment and is repayable over time. These loans often have set interest rates and regular monthly payments that are the same every month. Each monthly payment is divided into two equal halves that are applied to the principal borrowed and the loan's interest.
To know more about Installment loans refer:
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