IOU Agreement Form
IOU Agreement Form (I OWE YOU)
1. Title
-
IOU Agreement
2. Parties Involved
-
Lender:
Name: Amanda Smith
Address: 123 Elm Street, Springfield, IL 62701
Phone: 222 999 0000 -
Borrower:
Name: [YOUR NAME]
Address: 4888 Hillcrest Circle, Crystal MN 55429
Phone: 222 555 7777
3. Amount Owed
-
Principal Amount: $500.00
4. Interest
-
Interest Rate: 5% per annum
5. Repayment Terms
-
Total Amount Due: $525.00
(Principal Amount + Interest) -
Repayment Schedule:
-
Start Date: September 10, 2050
-
Payment Frequency: Monthly
-
Payment Amount: $105.00
-
Final Payment Due Date: January 10, 2051
-
6. Terms and Conditions
-
Prepayment: The borrower may prepay the loan amount in full or in part at any time without penalty.
-
Late Fees: If a payment is not made within 10 days of the due date, a late fee of $25.00 will be charged.
7. Date of Agreement
-
Date: September 1, 2050
8. Signatures
Amanda Smith
Lender
[YOUR NAME]
Borrower
9. Additional Notes
This IOU Agreement is a formal acknowledgment of debt. Both parties agree to adhere to the repayment terms outlined above.
