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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.
Interest Rate: The loan shall bear an interest rate of 5% per annum, calculated annually. Interest will be included in the monthly payments.
Prepayment: The Borrower may prepay the loan in full or in part at any time without penalty.
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.
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.
Michael Johnson