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Answer Posted / madhusudan rao
A Debt can be defined as an amount owed to a person or
organization for funds borrowed.
Debt can be represented by a note, bond, loan mortgage or
other form stating repayment terms and, if applicable,
interest requirements. These different forms all imply
intent to pay back an amount owed by a specific date, which
is set forth in the repayment terms and conditions of both
the parties.
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