Changes

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 [[principle]] of the loan is [[amortized]].

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]]

[[category:accounting]]