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Secure repayment of a loan with this easy-to-use Promissory Note with Monthly Payments & Compound Interest, for use in Canada. The principal and interest are to be repaid by a series of equal monthly installments. Interest is calculated and compounded monthly. Any amount of principal and/or interest not paid on time bears interest at the same rate as the loan balance. This Canada Promissory Note with Monthly Payments & Compound Interest template is available in MS Word format, and is easy to download, fill in with your details, and print.