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This sample promissory note (also available in Microsoft Word, PDF and plain text downloadable files) spells out how and when you are to be paid, and what happens if the borrower doesn't repay the loan.
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You shall mention Interest rate clearly in promissory note. The amount of interest can be in compounded interest or simple interest form. A promissory note, or "promise to pay", is a note that details money borrowed from a lender and the repayment structure.
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