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Wyoming Promissory Note with Installment Payments and Fixed Rate Form

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Wyoming Promissory Note with Installment Payments and Fixed Rate Form

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hi I'm Jonathan Wilde and today we cover how to account for installment notes with annual payments an installment note is a type of note payable that involves issuing a note in exchange for cash or other assets in return the issue where promises to pay back the principle of the note with interest through a series of payments to the lender notes are different than bonds and that they are usually issued to just one lender like like a bank whereas bonds are typically issued to hundreds or even thousands of people all right let's run through an example of an installment note with annual payments so assume a company borrowed ten thousand dollars cash from the bank on January 1st in exchange the company signs and issues an installment note to the bank with six percent interest and five annual installment payments of two thousand three hundred and seventy four that include interest and principal for the company to record the issuance of the note we debit cash for ten thousand

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