Professional Notary IOU (I OWE YOU)

Date of Agreement:

September 15, 2050

Parties Involved:

Creditor (Lender):
Name: John Doe
Address: 123 Elm Street, Springfield, IL 62704
Phone: 222 000 8888
Debtor (Borrower):
Name: [YOUR NAME]
Address: 3124 Elm Drive, Garden City NY 10021
Phone: 222 555 7777

Amount of Debt:

$5,000.00

Terms of the Loan:

Interest Rate:
- The interest rate applied to this loan shall be 5% per annum.
Payment Schedule:
- Payments shall be made as follows:
  - $500.00 due on the 15th day of each month
  - Payments continue until the total amount is paid in full.
Late Fees:
- A late fee of $50.00 will be applied if payment is not received within 10 days of the due date.

Acknowledgment of Debt:

I, [YOUR NAME], acknowledge that I owe the total amount of $5,000.00 to John Doe as outlined in this IOU. I understand that failure to adhere to the terms stated above may result in legal action.