This is a Promissory Note for your state. The promissory note is unsecured, with a fixed interest rate, and contains a provision for installment payments.
Promissory Note Template California With Balloon Payment
Category:
State:
California
Control #:
CA-NOTE-2
Format:
Word;
Rich Text
Instant download
Description
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How to fill out California Unsecured Installment Payment Promissory Note For Fixed Rate?
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FAQ
Hear this out loud PauseA balloon payment is the final amount due on a loan that is structured as a series of small monthly payments followed by a single much larger sum at the end of the loan period. The early payments may be all or almost all payments of interest owed on the loan, with the balloon payment being the principal of the loan.
We can use the below formula to calculate the future value of the balloon payment to be made at the end of 10 years: FV = PV*(1+r)n?P*[(1+r)n?1/r] The rate of interest per annum is 7.5%, and monthly it shall be 7.5%/12, which is 0.50%.
Hear this out loud PauseA balloon promissory note has all the usual repayment requirement details, with one important distinction. Instead of an even amount of payments over the term of the loan, smaller payments are made at first and a single large payment is made at the end.
Hear this out loud PauseUnder California law, if there is a lump sum payment due on a secured Note (?balloon payment?), the lender is required to provide a specified notice to the borrower ninety days prior to the date the payment is due. But such balloon payment can exist in both consumer and business loans.
Hear this out loud PauseBalloon Loan Your loan has a balloon payment. At the end of the loan term, any balance remaining will have to be paid. In the case of a balloon loan, often very little, if any, of the loan balance is paid down, therefore, the last payment, the balloon payment can be most of the initial loan balance.