Answer :
Answer:
A portion that reflect interest at the stated rate
A portion that reduces the balance
Explanation:
An installment loan is a type of loan that is repaid over a specified period of time in a regular progressive pattern
The terms of an installment notes like installment fees ,interest rate , duration of loan , possible penalties if terms are defaulted are usually defined at the onset.
Some may attract prepayment penalty if paid before the agreed loan term
At each repayment , the principal , interest and the outstanding balance of the loan is provided for proper accountability