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A promissory note is a legally binding written document acting as an IOU. It contains an unconditional promise by a borrower to repay a specific sum of money to a lender under agreed-upon terms, including interest rates, repayment schedules, and maturity dates.
A promissory note is a legally binding written document acting as an IOU. It contains an unconditional promise by a borrower to repay a specific sum of money to a lender under agreed-upon terms, including interest rates, repayment schedules, and maturity dates.