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Updated about 19 years ago,

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vocabulary issues

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Can anyone explain to me what exactly a "note" is and how it differs from a loan? I've run across this word many times and in all my reading it's always been assumed I know what it means. (Some of us ride the short bus, sorry) All I know so far is it's some sort of a paper promise of money (not a loan) and that it can be bought/sold. I'm in the dark, assistance, please?