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For example, a bank will require a promissory note in exchange for loaning someone money, and the promissory note will specify how that money must be repaid.
For example, a bank will require a promissory note in exchange for loaning someone money, and the promissory note will specify how that money must be repaid.
Such terms of repayment will include [[interest rate]], frequency of payments, any [[penalties]] regarding late or early payments, and how the [[principal]] of the loan is [[amortized]].
[[Category:Accounting]]