Seventh Circle Audio

What is the best microphone to live record a full garage band? I've been using a Line 6 backtrack because I'm broke and now that I have the money I'm looking for a cheap microphone to record straight into my laptop for my band. Or about 4 microphones cheap microphones that I can use with a mixer.
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What is your definition of "cheap"? Will you be recording the band playing together live or are you able to record each instrument separately?