When a bank is the maker promising to repay money it has received, plus interest, the promissory note is called a ________.

Question

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A promissory note is a written promise by a party to pay a certain sum of money to another party at a specified future date or on-demand. When a bank issues such a note, it is called a certificate of deposit (CD), which is a savings instrument that pays a fixed interest rate for a specified period of time. The note represents an obligation of the bank to repay the principal amount plus interest to the holder of the CD at maturity.

When a Bank Is the Maker Promising to Repay Money