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If you are lending money to someone, secure repayment of the loan with this Promissory Note with Monthly Payments & No Penalty form for Canada. The borrower agrees to repay the debt in equal monthly payments of combined principal and interest, by way of post-dated checks, with the balance due on a date specified in the Note. The borrower has the option to prepay the outstanding balance without any prepayment penalty. This Canada Promissory Note with Monthly Payments & No Penalty template is in MS Word format, and is easy to download, fill in and use.