A note is an unsecured debt that is generally payable within the next 10 years. It is a written agreement between a borrower and a lender that includes the terms and conditions of the loan, such as the interest rate, repayment schedule, and any fees or penalties.

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A Note Is A(n)

Question 13

Multiple Choice

A note is a(n) :

A) unsecured debt that is generally payable within the next 10 years.
B) formal type of loan that is secured by real estate.
C) long-term debt secured by part, or all, of the assets of the borrower.
D) debt that is secured by a borrower's accounts receivable.
E) written agreement that details the information relative to a bond issue.

Correct Answer: