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Figure 2
-Refer to Figure 2. If RE1 and RE2 were switched, the
Note Receivable
A financial asset representing a written promise to receive a specific amount of money at a future date.
Dishonored Note
A promissory note that has not been paid by the maker at the time of maturity, resulting in default.
Promissory Note
A financial document in which one party promises in writing to pay a determinate sum of money to another, either at a fixed or determinable future time or on demand.
Interest
The cost of borrowing money, typically expressed as an annual percentage of the principal amount.
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