Sample Interest Only Promissory Note
A Promissory Note, also sometimes called an IOU, is essentially a one-sided document by which a borrower of money (most often just called the Borrower) agrees to pay a lender (the Lender). A Promissory Note is different than a loan agreement because it only binds one party – the Borrower – to actions (such as payment) or consequences (such as if the Borrower doesn’t pay), but it doesn’t bind.
Interest shall accrue to the outstanding principal balance of this Promissory Note ("Note") at a rate equal to FOURTEEN percent (14.0%) per annum. Interest shall be computed on the basis of actual number of days per year for the actual number of days outstanding.
In the event of failure to pay the principal or interest under this promissory note, the whole left over principal amount and all interest accrued shall, at the decision of the Lender, immediately becomes outstanding and payable without demand. The Lender may allocate all of its right, title and interest in, to and in this promissory note.
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As a signed promise to repay the loan at a specific time, the promissory note may also include interest that will be due with repayment. Calculate interest on a promissory note with a basic formula that includes the principal amount, the interest rate and the time period of the loan.
Picture showed above is Interest Only Loan Promissory Note Sample For Personal Loan, a great sample to help you create your own version of Promissory Note Sample. There are 21 more samples regarding Promissory Note Sample available to give you ideas and starting point.
These agreements are signed for student loan applications. The name of the student, personal information, name of the guardians and other details are presented at the top. The clauses and other details of the Promissory Note Samples are mentioned in a separate section below. Secured Promissory Note in Word
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A promissory letter or IOU is a written promise made by the borrower to the creditor to pay a certain amount of money on a specific date. Below you’ll find a simple promissory note sample. It’s also a Promise to Pay Letter or Printable IOU. Just copy and paste to your word processor, making the changes and corrections necessary.