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Promissory Note
A financial instrument in which one party promises in writing to pay a determinate sum of money to the other.
Monthly Installment
A fixed payment made every month over a set period to repay a debt.
Accounting Equation
The fundamental formula in accounting that represents the relationship between an entity's assets, liabilities, and equity (Assets = Liabilities + Equity).
Liabilities
Financial obligations or debts that a company owes to others, payable in money, goods, or services.
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