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Using Figure 8.6 as a model, write a promissory note from you to John Doe. The note is payable in one year in the amount of $50\$50 with interest of 1111 percent and monthly payments of $4.63\$4.63. Are you the maker or the payee of the note? What is the total amount you will pay on the note?

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In this exercise, we are asked to make a promissory note to John Doe. We also need to determine the total amount payable.

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