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promissory note

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

A formal, written promise to pay interest and to repay the principal amount.

Dictionary

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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