Principal is to be paid in one lump sum, while interest may be paid in either a lump sum or installments
A promissory note evidencing a loan in which payments of interest only are made periodically during the term of the note, with the principal payment due in one lump sum upon maturity A straight note is usually a nonamortized note made for a short term, such as three to five years, and is renewable at the end of the term (See promissory note)
A promissory note evidencing a loan in which "interest only" payments are made periodically during the term of the note, with the principal payment due in one lump sum upon maturity
A promissory note calling for payment of principal in one sum rather than in installments