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ARIZONA PROMISSORY NOTE Pursuant to Arizona Statute 441201FOR VALUE RECEIVED, (Borrower) promises to pay to (Lender) Dollars ($) in principle, plus interest at a rate of % annually on the unpaid balance
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How to fill out promissory note - create
How to fill out promissory note - create
01
Start by writing the date at the top of the promissory note.
02
Write the full name and address of the person borrowing the money, also known as the maker, on the left side of the note.
03
Write the full name and address of the person lending the money, also known as the payee, on the right side of the note.
04
Specify the amount of money being borrowed in both words and numbers. For example, write 'One thousand dollars' and '$1000.00'.
05
Include the agreed upon interest rate, if any, and the terms of repayment, such as the due date and any installment payment schedule.
06
Sign and date the promissory note.
07
Have a witness, if desired, sign and date the note as well.
08
Keep a copy of the promissory note for your records.
Who needs promissory note - create?
01
Promissory notes are typically needed by individuals or businesses that are lending or borrowing money. Some common scenarios where promissory notes may be used include:
02
- Personal loans between friends or family members
03
- Loans between businesses
04
- Real estate transactions
05
- Student loans
06
- Financing for the purchase of a vehicle or other high-value item
07
- Any situation where a written agreement for a loan is desired
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What is promissory note?
A promissory note is a financial instrument that contains a written promise by one party to pay a specified sum of money to another party under agreed upon terms.
Who is required to file promissory note?
Typically, the borrower or debtor is required to file a promissory note, as it reflects the obligation to repay a loan or debt.
How to fill out promissory note?
To fill out a promissory note, include the names and addresses of both parties, the amount borrowed, the interest rate, payment terms, and the date of repayment.
What is the purpose of promissory note?
The purpose of a promissory note is to provide a legal document that outlines the terms of a loan, serving as evidence of the borrower's obligation to repay.
What information must be reported on promissory note?
A promissory note must report the names of both parties, the principal amount, the interest rate, the repayment schedule, and any applicable terms and conditions.
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