Promissory note

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Promissory note is a formal written promise by a borrower to pay a certain sum at a fixed future date.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Promissory note. A formal written promise by a borrower to pay a certain sum at a fixed future date.

According to Financial Management Theory and Practice by Eugene F. Brigham and Michael C. Ehrhardt (13th edition),

Promissory note. A document specifying the terms and conditions of a loan, including the amount, interest rate, and repayment schedule.

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