Date of Loan: December 16, 2015
Terms: 1x a month payment of $300.00, full payment to be made no later than May 1, 2016
Total Amount Due: $5000.00
Terms of the Agreement:
I, (Promisor), borrowed $5000.00 on (Date), from (Payee). The funds were borrowed as a loan and will be repaid in a series of scheduled repayments of $300.00 on the 1st of each month beginning January 1, 2015. Each scheduled payment will be made by a personal check made out to (Payee) and will delivered in person.
I, (Promisor), will repay the entire amount borrowed no later than May 1st, 2016. If for any reason a monthly payment is delayed and late there is an additional charge of $10.00 per day which will ensue until the entire amount of the monthly payment is made with any additional late fees.
The promiser and the payee agree to the payment agreement terms as listed above.