Promissory note that is a written promise to pay a specified amount $($principal$)$ usually with interest, either on demand or on 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 example how to compute annual interest.