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Promissory Note With Interest
"Need a Promissory Note With Interest for a S$250,000 business loan to be repaid over 36 months, starting March 1, 2025, with monthly installments and a 5.5% annual interest rate."
1. Parties: Identification of lender and borrower with full legal names and addresses
2. Promise to Pay: Clear statement of the principal amount and promise to repay
3. Interest Rate: Specified interest rate and calculation method
4. Payment Terms: Repayment schedule and payment methods
5. Date and Place of Execution: When and where the note is signed
1. Security: Details of any collateral or security, if applicable
2. Late Payment Provisions: Penalties or additional interest for late payments
3. Prepayment Terms: Conditions for early repayment
4. Default Provisions: Consequences of default and remedies
1. Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Interest Calculation Schedule: Detailed method of interest calculation if complex
3. Security Details: Details of any pledged assets or collateral, if applicable
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