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On January 1, 2009, American Eagle borrows $90,000 cash by signing a four-year, 5% installment note.
On January 1, 2009, American Eagle borrows $90,000 cash by signing a four-year, 5% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year from 2009 through 2012.