Characteristics of Notes receivable A promissory note is a written document containing a promise to pay: a specific amount of money(principal) to a specific person or company(payee) at a specific place on a specific date or upon demand plus interest at a specific percentage of the principal (face)amount per year c7-15C7 - 15 a specific amount of money (principal) to a specific person or company (payee) at a specific place on a specific date or upon demand plus interest at a specific percentage of the principal (face) amount per year Characteristics of Notes Receivable A promissory note is a written document containing a promise to pay: