instalment
Pronunciation: /ɪnˈstɔːlm(ə)nt/
(US also installment)
noun
- 1a sum of money due as one of several equal payments for something, spread over an agreed period of time: the first instalment of a grant for housing the purchase price is paid in instalments

Origin:
mid 18th century (denoting the arrangement of payment by instalments): alteration of obsolete estalment (probably by association with installation), from Anglo-Norman French estalement, from Old French estaler 'to fix'

Spelling help
Spell instalment with one l (the spelling installment is American).

Spelling rule
If a word ends in a double l, drop the last l when adding endings which begin with a consonant (here, install plus -ment): instalment.