Informal Promissory Note
Date: January 15, 2060
Borrower:
Michael Johnson
789 Pine Street
Springfield, IL 62701
Phone: (555) 234-5678
Lender:
[Your Name]
321 Birch Boulevard
Springfield, IL 62701
Email: [Your Email]
Loan Amount: $5,000
Terms of the Loan:
Repayment Schedule:
The Borrower agrees to repay the Lender the total amount of $5,000 in monthly installments of $500 each. Payments will begin on February 15, 2060, and will continue until the loan is paid in full.
Interest Rate:
The loan shall bear an interest rate of 5% per annum, calculated annually. Interest will be included in the monthly payments.
Prepayment:
The Borrower may prepay the loan in full or in part at any time without penalty.
Late Payment:
If any payment is not received by the Lender within 10 days of the due date, a late fee of $50 will be added to the outstanding balance.
Default:
In the event of default, the Lender may demand immediate payment of the remaining balance, including any accrued interest and late fees.
Signatures:
By signing below, both parties agree to the terms outlined in this promissory note.
Borrower Signature:
Michael Johnson
Borrower
Lender Signature:
[Your Name]
Lender
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