Mike Deposited $100, 000 in a Bank and Procured a Certificate

question 75

Multiple Choice

Mike deposited $100, 000 in a bank and procured a certificate of deposit on it, payable to himself, and for repayment in 5 years with a 5 percent interest rate.A year after that, Mike borrows $25, 000 from Jill, and gives her a promissory note to repay it in one year.As collateral, Mike gave Jill the certificate of deposit and asked to put in a prepayment clause to which Jill agreed.They mutually agreed that Mike could repay in monthly payments, as mentioned it in the note.
-What kind of promissory note has Jill and Mike decided on?

• A)a time note
• B)a bearer's note
• C)a mortgage note
• D)an installment note

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Definitions:

Chromosomes

Chromosomes are long strands of DNA wrapped around proteins, located in the cell nucleus, containing genes that dictate hereditary traits.

Cesarean Section

A surgical procedure used to deliver a baby through incisions in the mother's abdomen and uterus.

Surgical Birth

A method of delivering a baby through an incision in the mother's abdomen and uterus, commonly referred to as a Cesarean section (C-section).

Heterozygous

Having two different alleles of a particular gene or genes, resulting in a variation of the trait.