A document specifying the terms and conditions of a bank loan, including the amount, interest rate, repayment schedule, and any other terms or conditions of the loan is a
A)compensating balance.
B)commitment fee.
C)commercial paper.
D)trade credit.
E)promissory note.

Question

Quizplus · Accepted Answer

A promissory note is a written agreement between a borrower and a lender outlining the terms and conditions of a loan, including the amount borrowed, interest rate, repayment schedule and any other terms or conditions of the loan.

A Document Specifying the Terms and Conditions of a Bank