It also serves as evidence of your debt until the loan has been paid off ... notes are payable in full upon the lender's demand. With an installment promissory note, you'll pay the money back ...

You have to spend money to make money, as the old saying goes. But sometimes you have to borrow money to spend money, too.

This is the annual interest charge for the note. Finally, to get the full cost, you need to multiply the annual charge by the number of years specified in the promissory note. In this case ...