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Transcript
00:00The secret to stress-free loans? It starts with a promise and ends with a promissory note.
00:05Imagine borrowing money from a friend whose name is Sohan to buy a new laptop and you both
00:12write a promissory note that says, I then your name promise to pay Sohan $50 plus 5% interest
00:21within two months. So, a promissory note is like a written promise to pay back borrowed money
00:27with details like how much was borrowed, how much interest will be added, when the payments are
00:33due like a deadline, signatures from both the borrower and lender.
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