Ewa signs an instrument unconditionally promising to pay to "Sunny State Bank" $5,000 with interest in installments with the final payment due June 1, 2013.

50. Refer to Fact Pattern 24-2B. The instrument that Ewa signed is most likely

a. a certificate of deposit.

b. a draft.

c. an order to pay.

d. a promissory note.

Question

Business

Chuckles

6 October, 01:00

Ewa signs an instrument unconditionally promising to pay to "Sunny State Bank" $5,000 with interest in installments with the final payment due June 1, 2013.

50. Refer to Fact Pattern 24-2B. The instrument that Ewa signed is most likely

a. a certificate of deposit.

b. a draft.

c. an order to pay.

d. a promissory note.

+4

Answers (1)

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Yu · Answer 1

d. a promissory note.

Explanation:

A certificate of deposit is a product offered by banks in which people deposit an amount of money for a period of time to receive a specific interest rate.

A draft is a check that is guaranteed by the bank

An order to pay is an instruction given to the bank to transfer funds to a specific account.

A promissory note is a document in which a person commits to make payment for a specific amount on a certain date.

According to this, the instrument that Ewa signed is most likely a promissory note.