Which legal instrument evidences the debt and states the interest rate, term, payment requirement, and other information related to the loan?
(a) promissory note
(b) contract
(c) lien
(d) mortgage

a) Promissory note

Explanation:

What is a promissory note

It is a written legal document which is an agreement between two parties that state when the borrower intends to pay the lender. In simple terms it is a promise made by the borrower to pay back a loan to the lender. Since it is a legal documents it binds the borrower to pay the lender back what ever money they have borrowed .

It is crucial to have this documents especially when you lending someone a lump sum of money so that you can have an assurance that they will pay you back.

When Is It Used?

This note is use when people want student loans, car loans, business loans and personal loans between friends or family.

This note can be your insurance to ensure that someone does pay you back.

What Should Be Included?

All the details about conditions and terms of a loan.

The promissory note form should include:

The names and addresses of both the lender and borrower

The amount of money being borrowed and what, if any, collateral is being used

How often payments will be made in and in what amount

Signatures of both parties, in order for the note to be enforceable.

Collateral refers to something that belongs to the borrower that a lender will take from them should they not pay back a loan, for example some shops that lends money will ask you to leave your laptop so that you will only take it when you pay back their money.

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