IOU for Friends and Family (I OWE YOU)

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Date: September 1, 2050

IOU Amount: $500

Interest Rate: 5%

Description of Service or Favor:

• Service/Favor Provided By: John Smith

• Service/Favor Requested By: [YOUR NAME]

Details:

Nature of Service/Favor:

• Home renovation (kitchen remodel)

• Project management for event planning

• Personal assistance with tech setup

Deadline for Completion: December 1, 2050

Agreed Upon Payment or Compensation:

• Total Amount Due: $500

• Interest to be Added After Deadline: 5% per month

Repayment Terms:

• The service will be completed by the specified deadline of December 1, 2050.

• If not completed by the deadline, the borrower agrees to pay the total amount of $500 plus interest at the rate of 5% per month.

• Repayment should be made in the following manner:

  • Full amount at once

  • Installments of $250 every 2 months starting January 2051

Signatures:

John Smith

LENDER

[YOUR NAME]

BORROWER

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