Sagar bought a new cycle of worth ₹5,000 and he agreed to pay for it in steps of ₹900 per month for a period of 6 months. Which of the following is correct word for this type of payment?

Loan

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Rent

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Installment

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Borrowing

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Solution

The correct option is C Installment
The type of payment in which the entire cost is divided into equal number of smaller amounts that are to be paid every month for a fixed duration is called an installment.

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