Barrett, the president of Barrett, Inc., has executed a ____. The terms of the Barrett, Inc. promissory note require the corporation to repay the loan in monthly installments.

Question

​Barrett, the president of Barrett, Inc., has executed a ____. The terms of the Barrett, Inc. promissory note require the corporation to repay the loan in monthly installments.

Quizplus · Accepted Answer

A term-loan agreement is a type of business financing in which a borrower receives a lump sum of money upfront and repays the loan with regular, fixed payments over a set period of time. In this case, Barrett, Inc. has executed a promissory note that requires the corporation to repay the loan in monthly installments, indicating a term-loan agreement. The other options do not accurately describe the situation.

​Barrett, the President of Barrett, Inc

Barrett, the President of Barrett, Inc