Posted by Jim Kennedy on April 23, 1999 at 11:41:09:
A straight note is a unilateral agreement containing an express and absolute promise of the signor (debtor) to pay to a named person, or order, or bearer, a definite sum of money at a definite date or on demand. A straight note is not amortized.
Posted by Eduardo (OR) on April 23, 1999 at 17:26:54:
Bill-
To elaborate on what Jim says below: A straight loan is one where there is a loan made and on a specific date in the future the entire loan amount plus all accrued interest is paid in one payment. One loan, one future payment. No interim payments. --Eduardo