George Ryan obtained a car loan that requires him to make payments of $235 per month for 36 months.This is an example of a:

Question

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The loan that George Ryan obtained requires him to make periodic payments of $235 per month for 36 months, thus making it a periodic payment note. A lump-sum note would require a single payment at the end of the loan term, a noninterest-bearing note would not charge any interest, and a periodic and lump-sum note would require both periodic payments and a lump-sum payment at the end of the loan term.

George Ryan Obtained a Car Loan That Requires Him to Make