When the maker promises to repay the note in speciﬁed installments,the note is a(n):

Question

Quizplus · Accepted Answer

An installment note is a type of promissory note that requires the borrower to pay back the loan amount in equal payments over a specified period of time. The borrower may also be required to pay interest on the outstanding balance of the loan. This type of note is commonly used for consumer loans, such as car loans or home loans.

When the Maker Promises to Repay the Note in Speciﬁed