The contract for a loan is called the
A)promissory note.
B)credit agreement.
C)credit application.
D)credit report.

Question

Quizplus · Accepted Answer

The contract for a loan is called a promissory note, which outlines the terms of the loan agreement including the amount to be borrowed, the interest rate, and the repayment schedule. The credit agreement and application may be components of the loan process but are not the legally binding contract for the loan itself. The credit report is a record of a person's credit history and is not directly related to the loan contract.

The Contract for a Loan Is Called the