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The phrase 'the last installment' is correct and usable in written English.
It is used to refer to the final payment in a series of payments. For example, "I just made the last installment on my car loan and am now debt-free!".
Exact(60)
Last October Sumitomo Mitsui made the last installment of $15 billion in repayments of the emergency public funds it got in 1998.
Next year the last installment of Ms. Hudes's "Elliot" trilogy, "The Happiest Song Plays Last," is scheduled to open at the Goodman Theater in Chicago.
The last installment was in 1994.
The last installment of the game gives the answer.
"Omertà," the last installment in his Mafia saga, was….
The last installment, "Sugar Skull," comes out September 16th.
(The last installment is due out in October on EMI).
In 1893, Worthington C. Ford published the last installment of a fourteen-volume set.
The last installment in the series, Dragon's Time (written with her son Todd), appeared in 2011.
The money is the last installment from a $500 million bond issue approved in 1999.
But the last installment is only a year away, and da Costa is looking ahead.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com