Free IOU for Employee Cash Advance

Date: September 2, 2054

Employee Name: [YOUR NAME]

Position: Software Developer

Department: IT

Advance Amount: $2,000

Purpose of Advance: Emergency Funds for medical bills

Repayment Terms

1. Total Advance Amount:

   • Principal: $2,000

   • Interest: 5%

   • Total Repayment Amount: $2,100

2. Repayment Schedule:

   • The total repayment amount of $2,100 will be deducted from the employee's salary in 5 equal installments of $420 each.

   • The first deduction will occur on September 30, 2054, and will continue on each subsequent payday until the total amount is repaid in full.

3. Interest Terms:

   • An interest rate of 5% is applied to the principal amount, calculated from the date of the advance until the full repayment is made.

4. Late Payment Penalty:

   • In the event of late payment or default, a late fee of $50 will be charged for each missed payment.

Acknowledgment and Agreement

I, [YOUR NAME], acknowledge receipt of the cash advance in the amount of $2,000 and agree to the repayment terms outlined above. I understand that failure to repay the full amount, including interest, may result in further action as determined by the employer.

Signatures

[YOUR NAME]

Employee

Borrower

September 2, 2054

Mandy Smythe

Lender

HR Manager

September 2, 2054

Additional Terms

• Voluntary Repayment: The employee may choose to repay the outstanding balance earlier without any prepayment penalty.

• Changes to Employment: If the employee leaves the company before the total repayment amount is deducted, the remaining balance will be due immediately or deducted from the final paycheck.

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