When borrowing cash from a bank,the business is required to sign a promissory note stating that the business will pay the principal plus interest at a specified maturity date.

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This statement is true. A promissory note is a legal document that outlines the terms and conditions of a loan, including the repayment schedule, interest rate, and the consequences of defaulting on the loan. When a business borrows money from a bank, it is required to sign a promissory note agreeing to these terms and promising to pay back the loan on a specific maturity date.

When Borrowing Cash from a Bank,the Business Is Required to Sign