SkipCaptcha, Automoderated users, edit
8,856
edits
Changes
Jump to navigation
Jump to search
mLine 1:
Line 1: − + − + − {{stub}}+ + +
no edit summary
A promissory note is a written promise by someone to pay a specific amount of [[money]] by a certain date. It is the formal name for an "I.O.U."
A '''promissory note''' is a written promise by someone to pay a specific amount of [[money]] by a certain date. It is the formal name for an "I.O.U."
For example, a bank will require a promissory note in exchange for loaning someone money, and the promissory note will specific 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]]