Informal Promissory Note

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Date: January 15, 2060

Borrower:
Michael Johnson
789 Pine Street
Springfield, IL 62701
Phone: (555) 234-5678

Lender:
[Your Name]
321 Birch Boulevard
Springfield, IL 62701
Email: [Your Email]

Loan Amount: $5,000

Terms of the Loan:

1. Repayment Schedule:
   The Borrower agrees to repay the Lender the total amount of $5,000 in monthly installments of $500 each. Payments will begin on February 15, 2060, and will continue until the loan is paid in full.

2. Interest Rate:
   The loan shall bear an interest rate of 5% per annum, calculated annually. Interest will be included in the monthly payments.

3. Prepayment:
   The Borrower may prepay the loan in full or in part at any time without penalty.

4. Late Payment:
   If any payment is not received by the Lender within 10 days of the due date, a late fee of $50 will be added to the outstanding balance.

5. Default:
   In the event of default, the Lender may demand immediate payment of the remaining balance, including any accrued interest and late fees.

Signatures:

By signing below, both parties agree to the terms outlined in this promissory note.

Borrower Signature:

Michael Johnson

Borrower

Lender Signature:

[Your Name]

Lender

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