A promissory note is a written promise to pay a specified amount (principal) usually with interest, either on deon-demandn a stated future date. Promissory notes are notes payable to the maker (person promising to pay) and notes receivable to the payee (person to be paid). Interest is the charge for using money until the due date.

Define "maturity date," "maturity value," and "note period."

Provide an example of how to compute annual interest.