Difference between revisions of "Promissory note"

Revision as of 12:17, August 27, 2011

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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."
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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.
-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]].
-[[category:accounting]]