I am loaning $10,000.00, at 10% int per yr. He can only pay $300.00/mo How do I fill out the promissory note?

0 ⤊

I am loaning $10,000.00, at 10% int per yr. He can only pay $300.00/mo How do I fill out the promissory note?

regarding the payments/interest/ part

2007-11-18 13:54:54 · 3 answers · asked by Cindy G 1 in Business & Finance ➔ Personal Finance

3 answers

i would get a lawyer to draw up a contract to ensure that everthing is coverd.

2007-11-18 14:06:03 · answer #1 · answered by sunshine 3 · 0⤊ 0⤋

First you'll have to do an amortization schedule so you can figure out the terms, then you would say something like John Doe promises to pay back $10,000 to Frank Whoever. Monthly payments are $300. The interst rate is 10%. Term = ?? - Let me go find the term for you... 39 months

2007-11-18 22:11:26 · answer #2 · answered by B 5 · 0⤊ 0⤋

The on-line calculator linked below allows you to enter what you know and solve for the unknown terms.

2007-11-18 22:49:59 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋