payment-plan

Vocabulary Word

Definition

A 'payment plan' is a way to pay for a service or product over time, instead of at once. Think of school tuition or a new car that you pay for monthly, not all upfront.

Examples in Different Contexts

In educational institutions, a 'payment plan' allows students to pay tuition over time. An admissions officer might say, 'We offer payment plans to make education more accessible to everyone.'

Practice Scenarios

Business

Scenario:

Our current budget doesn't allow us to purchase the new machinery outright. We've got to consider our financing options.

Response:

I believe opting for a payment plan might be a practical approach for purchasing the machinery.

Tech

Scenario:

The new server upgrade is quite expensive. Do we have a budget plan in place for this?

Response:

Yes, we've decided to adopt a payment plan for the server upgrade. It will be easier on our budget.