On which document does a borrower indicate that a loan will be paid off by a specified date?

• A. Loan agreement
• B. Mortgage document
• C. Promissory note
• D. Credit application

Answer: (C)

The correct answer is the promissory note. This document is a legal instrument in which the borrower acknowledges their debt to the lender and promises to repay the loan according to the agreed-upon terms. It typically details the loan amount, interest rates, repayment schedule, and the specific date by which the loan must be fully repaid.

In contrast, while a loan agreement and a mortgage document include terms and conditions of the loan, including such details, the promissory note specifically serves as a promise to pay and indicates the repayment timeframe explicitly. A credit application is primarily used to assess a borrower's creditworthiness and does not outline the loan repayment terms.