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Keep the original promissory note. Once a lender executes a promissory note, he keeps the original of the promissory note.Accept full payment of the loan.Mark paid in full on the promissory note.Place a signature beside the paid in full notation.Mail the original promissory note to the borrower.
Give the borrower the original promissory note, with a notation on it that says CANCELLED or PAID IN FULL. Keep a copy of this note for your records.
Give the borrower the original promissory note, with a notation on it that says CANCELLED or PAID IN FULL. Keep a copy of this note for your records.
The lender holds the promissory note while the loan is being repaid. Then the note is marked as paid. It's returned to the borrower when the loan is satisfied.
Multiply 750 by 0.75 to equal 562.50. Likewise, for a daily time period, multiply the product by the ratio of days to years. For example, for a 90-day promissory note, divide 90 by 365 (the number of days in a year) to equal 0.25. Multiply 750 by 0.25 to equal 187.50.