When the maker of a note promises to repay the note at specific dates over time, it is called an installment note.

Name: When the maker of a note promises to repay the note at specific dates over time, it is called an installment note.
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An installment note is a type of promissory note where the borrower agrees to make a series of payments to the lender at set intervals (usually monthly) until the entire loan is repaid.

When the Maker of a Note Promises to Repay the Note