Promissory Note Template Louisiana With Amortization Schedule

State:
Louisiana
Control #:
LA-5410
Format:
Word; 
Rich Text
Instant download

Description promissory note with amortization schedule

A promissory note is a written document in which a borrower agrees (promises) to pay back money to a lender according to specified terms. This is an example of an installment promissory note, in which the loan is repaid in fixed installments at regular intervals (for example, month, quarter, or semi-annual) as specified in the note, along with interest. This is also an unsecured note, which means a note that is not secured by any collateral but only the promise to pay.

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FAQ

Detailed Information The note has all the required information including the name of the drawer and payee, date of maturity, terms of repayment, issue date, name of the drawee, name, and signature of the drawer, principal amount, and the rate of interest, etc.

Signatures. Generally, promissory notes do not need to be notarized. Typically, legally enforceable promissory notes must be signed by individuals and contain unconditional promises to pay specific amounts of money. Generally, they also state due dates for payment and an agreed-upon interest rate.

Simple Promissory Note SampleInclude the date you are writing or the date you plan to send the note at the top. Write the total amount due in both numeric and long-form. Add a detailed description of the loan or note terms. For example, you'll need to include what the loan or payment is for, who will pay it and how.

At its most basic, a promissory note should include the following things:Date.Name of the lender and borrower.Loan amount.Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral?Payment amount and frequency.Payment due date.Whether the loan has a cosigner, and if so, who.

There is no legal requirement for a promissory note to be notarized in Louisiana. Still, the parties may decide to have the document certified by a notary public for protection in the event of a lawsuit.

Interesting Questions

More info

An IOU is basically: I owe your business (or other person or entity) something, usually something of valley, and most likely, money. Predetermined Amortization Schedule System (PASS).Total of Payments. Want to Calculate Loan Payments Offline? Promissory notes are used to show how much money was loaned to the borrower and to solidify a repayment agreement.

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Template Amortization Schedule