Consider this week’s learning activities on negotiable instruments and read the following scenario.Then, complete Individual Works #1 and #2 as directed below.You are interested in buying a new car and Bob let’s you borrow one of the new cars on his lot for a week to test drive. You decide you like the car and when you visit Bob to drop off the car, he hands you the following document and a pen:May 1, 201x I promise to pay to the order of Bob’s Auto Emporium $20,000 (Twenty thousand dollars) with interest at the rate of 7% per annum. What type of instrument is this? Does this instrument meet the requirements for negotiability under the UCC? These individual work assignments should each include the following:An in-depth submission that should be free of spelling and grammar errors. An essay containing a minimum of 150 words. You will be assessed on the rationale you use in addressing the questions/issue posted, and how well you justify your argument regarding this issue. Your response must be thought provoking, have well developed ideas and/or opinions, and should reference any supporting material from the text, lecture or other sources you have used to complete the assignment. You may use your text or the internet as a reference, but remember to cite your sources according to APA guidelines.