A note allowing monthly repayment amounts less than are necessary to fully amortize a loan during its term is called a

Name: A note allowing monthly repayment amounts less than are necessary to fully amortize a loan during its term is called a
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A balloon payment note is a type of loan that does not fully amortize over its term. As a result, at the end of the term, a lump sum payment (the "balloon" payment) is required to settle the remaining principal balance.

A Note Allowing Monthly Repayment Amounts Less Than Are Necessary