If a loan payment due October 1 pays for interest due for the month of September, the interest is payable in arrears.

Name: If a loan payment due October 1 pays for interest due for the month of September, the interest is payable in arrears.
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Quizplus · Accepted Answer

"In arrears" means that the payment is made after the service has been provided or the interest has accrued. In this case, the loan payment due on October 1 is paying for interest accrued during the month of September, making it payable in arrears.

If a Loan Payment Due October 1 Pays for Interest