IOU for Employee Cash Advance
IOU for Employee Cash Advance (I OWE YOU)
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
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Total Advance Amount:
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Principal: $2,000
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Interest: 5%
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Total Repayment Amount: $2,100
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Repayment Schedule:
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The total repayment amount of $2,100 will be deducted from the employee's salary in 5 equal installments of $420 each.
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The first deduction will occur on September 30, 2054, and will continue on each subsequent payday until the total amount is repaid in full.
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Interest Terms:
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An interest rate of 5% is applied to the principal amount, calculated from the date of the advance until the full repayment is made.
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Late Payment Penalty:
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In the event of late payment or default, a late fee of $50 will be charged for each missed payment.
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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
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Voluntary Repayment: The employee may choose to repay the outstanding balance earlier without any prepayment penalty.
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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.
