Payments on installment notes normally include interest accruing to the date of the payment plus a portion of the principal.

Name: Payments on installment notes normally include interest accruing to the date of the payment plus a portion of the principal.
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This is correct. Installment notes include both interest and a portion of the principal in each payment. The interest accrues up until the date of the payment, and the remainder goes towards paying down the balance of the loan.

Payments on Installment Notes Normally Include Interest Accruing to the Date