French[edit] From Middle French, from Old French -al, a Borrowing from Latin -Älis. Cognate to French -el, which is also from Latin -Älis but inherited (not borrowed). -al. -al (of or pertaining to; adjectival suffix appended to various words, often nouns, to make an adjective form.
Promissory Note is a written promise made by one person to pay certain sum of money due to another person or any other legal holder of the document. whereas A cheque is an unconditional order, in writing adressed by a customer, with signature, to the bank requiring it to pay on demand a certain sum of money to the order of a specified person or to the bearer.
Companies classify the promissory notes they hold as notes receivable. A simple promissory note appears below. The face value of a note is called the principal, which equals the initial amount of credit provided. The maker of a note is the party who receives the credit and promises to pay the note's holder. The maker classifies the note as a note payable. The payee is the party that holds the note and receives payment from the maker when the note is due. The payee classifies the note as a note receivable. Calculating interest. Notes generally specify an interest rate, which is used to determine how much interest the maker of the note must pay in addition to the principal. Interest on shortâterm notes is calculated according to the following formula: For example, interest on a four-month, 9%, $1,000 note equals $30.