Which of the following statements is true of the monetary aspect of a promise or order in a negotiable instrument?
A. The requirement of a "fixed amount" in a negotiable instrument applies only to interest and not principal.
B. The amount of any interest payable is not described in the instrument.
C. The promise or order in a negotiable instrument must be to pay a fixed amount of money.
D. The amount of principal is calculated by reference to the formula or index referenced in the instrument if a variable rate of interest is prescribed.
Answer: C
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