If you're looking for a ballpark estimate of what your equipment lease might cost, a great place to start is a lease calculator.

The link above takes you to a calculator that will let you figure out your approximate monthly payments based on interest rate and the amounts involved. It lets you factor how many payments you want to make, what the residual amount will be, and the interest rate on your equipment lease.

You should always have an idea of the costs of a given copier lease or if you're going to lease medical equipment because then you can budget accordingly and assess the numbers offered to you by an equipment leasing broker.

If you're considering leasing equipment, please consider Graphic Savings Group.

What is a promissory note?

If you're asking what is a promissory note, you've come to the right place for an answer. A promissory note is a legal binding contract between a lender and a borrower. The promissory note, (often misspelled as promisary note), has the terms and conditions of a loan including the amount and when and how a loan will be repaid.

A promissory note can be the basic backbone of a lease providing the direct terms and conditions and naming the parties involved. It is a signed document that is a binding promise to repay the amount conveyed in a loan. In the case of an equipment lease or leasing a copier, the loan is in the form of equipment or gear.

Typically, there is an upfront deposit or down payment and then the rest of the money owed in a transaction is guaranteed by the promissory note.