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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]]