Summary
A promissory note is a written promise to pay money to someone. Its primary function is to serve as written evidence of the amount of a debt and the terms under which it will be repaid, including the rate of interest (if any). This helps both the lender and borrower know exactly what the expectations and plans for repayment are.
With this promissory note, no interest is charged, and the borrower doesn’t have to make any payments for a period of months or years. On a date specified in the promissory note, the entire amount of the loan is due in one lump-sum payment.
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