Indicate Whether Each of the Following Statements About Promissory Notes

Short Answer

Indicate whether each of the following statements about promissory notes is true or false.
1. To the payee on a promissory note, the note is a receivable
2. The payee on a promissory note uses the note to borrow money
3. The interest rate on a promissory note is normally stated as an annual interest rate
4. The maker on a promissory note is responsible for paying the note at maturity
5. Some promissory notes are secured by assets belonging to the payee of the note