PLegal & NotaryDocxWave DocumentPromissory Note (Loan with Interest)Click document below to edit or place elementsPROMISSORY NOTE Principal Amount: $[AMOUNT] | Date: [DATE] Borrower: [BORROWER NAME], [ADDRESS] Lender: [LENDER NAME], [ADDRESS] 1. PROMISE TO REPAY: Borrower promises to pay Lender $[AMOUNT] with annual simple interest of [X]%. 2. REPAYMENT SCHEDULE: Monthly installments of $[AMOUNT] commencing on [FIRST PAYMENT DATE]. 3. PREPAYMENT: Borrower may prepay the principal balance at any time without penalty. 4. DEFAULT: Payments overdue by more than 15 days incur a late fee of $[AMOUNT]. Borrower Signature: _______________________ Date: ___________ Lender Signature: _______________________ Date: ___________
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