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Q.What is a Promissory Note?
A.A promissory note is a written promise to pay a specified amount of money with, or without, interest at a stated time or on demand. The main purpose of a promissory note is to serve as written evidence of the amount loaned, the interest rate, if any, and the terms under which the loan is to be repaid.
Having a written instrument that sets forth the terms under which money is being loaned and borrowed can alleviate misunderstandings and disagreements when it comes time to repay the loan.
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