Definition of "Installment note"

Tom & Robin  Tyson (The Tyson Team) real estate agent
Tom & Robin Tyson (The Tyson Team), Real Estate Agent EXIT Real Estate Gallery

Obligation requiring payments of interest and principal at periodic dates, usually monthly. Interest equals the balance of the loan at the beginning of the period multiplied by the interest rate. The principal reduction equals the cash payment less the interest charge.

 

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