Installment Promissory Note

http://www.contractcentral.com/installment-promissory-note.html A Promissory Note creates an obligation for a Borrower to repay a loan back to a Lender together with a certain amount of interest. Whenever a person lends money to another person, it is generally a good idea to have some document memorializing the transaction. The document should identify the parties; indicate the amount borrowed, the time for repayment, the rate of interest, conditions of default and any other necessary terms. Just like any contract, a Promissory Note can help the Lender enforce repayment terms and can be useful in any effort necessary to collect the amount lent. There are different types of Promissory Notes and countless different ways to structure a Note. Some Promissory Notes require a payment of the amount borrowed ("Principal") plus interest at once, while others require periodic payments of interest, followed by a lump sum payment of the amount borrowed. This particular Installment Promissory Note requires equal monthly payments (which include Principal and Interest) until the Note is paid in full. http://www.contractcentral.com/installment-promissory-note.html