Note Payable (Noun)
Meaning
A note promising to pay a certain amount of money at a certain time.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The company issued a note payable to the bank for $100,000, due in 5 years with an annual interest rate of 6%.
- The entrepreneur signed a note payable to the investor, promising to repay the $50,000 loan within 3 years.
- The note payable was secured by the company's assets, including its equipment and property.
- The borrower was required to make monthly payments on the note payable, which had a total balance of $200,000.
- The lender held a note payable from the borrower, which was due to mature in 10 years with a fixed interest rate of 8%.