Agreement Letter for Borrowing Money
[YOUR NAME]
Santa Ana, CA 92701
222 555 7777
October 5, 2050
Isabelle Harris
Oxnard, CA 93030
Subject: Agreement Letter for Borrowing Money
Dear Isabelle Harris,
This letter serves as a formal agreement regarding the loan of money from you, Isabelle Harris, to me, [YOUR NAME], for personal use. Below are the terms and conditions of the loan:
Loan Amount: The total amount borrowed will be $5,000.
Purpose of the Loan: The funds will be used for medical bills.
Interest Rate: The agreed-upon interest rate for this loan is 5% per annum.
Repayment Schedule:
The loan will be repaid in 10 installments.
The first payment will be due on January 5, 2051.
Subsequent payments will be due on the 5th of each month thereafter, until the loan is fully repaid.
Late Payment: In the event of a late payment, a fee of $50 will be incurred for each month the payment is overdue.
Prepayment: I have the right to pay off the loan early without any penalties.
Governing Law: This agreement shall be governed by the laws of the state of Illinois.
Amendments: Any amendments to this agreement must be made in writing and signed by both parties.
Please sign below to indicate your acceptance of these terms. By signing this agreement, you acknowledge that you understand and agree to the conditions outlined above.
Lender:
Isabelle Harris
October 5, 2050
Borrower:
[YOUR NAME]
October 5, 2050
Thank you for your support and understanding.
Sincerely,
[YOUR NAME]
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