An installment note is an obligation requiring a series of periodic payments to the lender.

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An installment note is a type of loan where the borrower agrees to make a series of payments (usually monthly) to the lender until the loan is fully repaid. Each payment includes both principal and interest, and the payment schedule is set at the time the loan is originated. Therefore, an installment note is an obligation requiring a series of periodic payments to the lender.

An Installment Note Is an Obligation Requiring a Series of Periodic