BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A loan is when money is given to another party in exchange for repayment of the loan principal amount plus interest.

Detailed explanation-2: -A promissory note is a written promise by one party to make a payment of money at a date in the future. Although they may be issued by financial institutions, it is also common for other organizations or individuals to use promissory notes to confirm the agreed terms of a loan.

Detailed explanation-3: -Promissory notes may also be referred to as an IOU, a loan agreement, or just a note. It’s a legal lending document that says the borrower promises to repay to the lender a certain amount of money in a certain time frame. This kind of document is legally enforceable and creates a legal obligation to repay the loan.

Detailed explanation-4: -Promissory note definition A promissory note is a written promise to pay a sum of money, to a specified individual or organization, at a specified time in the future, and that is not always supported by a guarantee.

Detailed explanation-5: -A Promissory Note is a unique financial instrument which binds the borrowers by law to pay the lender the specified sum of money at a specified date or on demand.