I'm sure not many people will agree to such a purchase, but if I went out and bought a phone for $500, with the intention of making a profit, and advertised it as:
Pay monthly installments for this phone (interest free) over 24 months for $36.87 a month.
Are such monthly payments an acceptable way of receiving money from a customer to pay for your goods according to Islamic rules? Keeping in mind that it's not a forced sale, i.e. the customer has 100% choice if he wants to go ahead with this or not.
Again, I understand that not many people will be interested in such a sale, and this question is not about if this business idea is a good business idea or a bad one. This question is simply asking, is such a sale compatible with Islamic laws?