Question: Your friend needs to buy a 1 000 component to
Your friend needs to buy a $ 1,000 component to replace some essential sound equipment. He has neither that much cash nor credit available. He has heard of promissory notes and asks for your help. Explain the concept of a promissory note. Also explain what it will mean when your friend signs the note and why the total of the payments on the note at maturity will be greater than the original $ 1,000.
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