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Long-Term Promissory Notes A long-term promissory note is a note whose term is longer than one year. Such notes usually accrue compounded interest on face value. Chapter 8 Compound Interest: future value and present value 8.5 other applications of coumpounding Compounded- interest investments The two most common types of compound interest investment owned by Canadians are Guaranteed Investment Certificates and Canada Saving Bonds. purchased from banks, credit unions, trust companies. you are in effect lending money to the financial institution. the financial institution uses the fun