What is the significance of signing a promissory note?

You are notifying the school that you have carefully read through the financial aid award letter you received.

You have accepted a school's offer of admission - you are "promising" the school that you will let all other schools know you are declining their offers of admission.

You are letting a school know that you have accepted the aid package outlined in your financial aid award letter.

You are formally accepting a loan and agree to pay it back in accordance to the terms that are outlined for that loan.

Question

Levi Garner

Business

30 March, 08:33

What is the significance of signing a promissory note?

You are notifying the school that you have carefully read through the financial aid award letter you received.

You have accepted a school's offer of admission - you are "promising" the school that you will let all other schools know you are declining their offers of admission.

You are letting a school know that you have accepted the aid package outlined in your financial aid award letter.

You are formally accepting a loan and agree to pay it back in accordance to the terms that are outlined for that loan.

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Answers (1)

Know the Answer?

Tess Graves · Answer 1

The correct answer is letter "D": You are formally accepting a loan and agree to pay it back in accordance to the terms that are outlined for that loan.

Explanation:

A Promissory Note is a written promise made by one party to pay a specified sum of money to another party, either on-demand or at a specified future date. It is commonly used as a means of short-term financing in businesses. For example, when a company has solved many products but not yet collected payments for them, it may become low on cash and unable to pay its own creditors with the case. In such a case, it may ask its creditors to accept a promissory note that can be exchanged for cash at a future time after it collects its account receivables.