This form is a Promissory Note. The form provides that the borrower promises to pay the lender in monthly installments. The agreement also provides that there will not be a pre-payment penalty on the note.
Pima Arizona Promissory Note with Installment Payments
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State:
Multi-State
County:
Pima
Control #:
US-00598
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Word;
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How to fill out Promissory Note With Installment Payments?
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FAQ
Unlike a deed of trust or mortgage, the promissory note is typically not recorded in the county land records (except in a few states like Florida). Instead, the lender holds on to this document until the amount borrowed is repaid.
An installment note is a form of promissory note calling for payment of both principal and interest in specified amounts, or specified minimum amounts, at specific time intervals.
How To Write a Promissory NoteStep 1 Full names of parties (borrower and lender)Step 2 Repayment amount (principal and interest)Step 3 Payment plan.Step 4 Consequences of non-payment (default and collection)Step 5 Notarization (if necessary)Step 6 Other common details.
When the borrower signs the promissory note, the lender records the written promise in a Notes Receivable account, which appears under Assets on the lender's balance sheet.
In general, promissory notes are used for more informal relationships than loan agreements. A promissory note can be used for friend and family loans, or short-term, small loans. Loan agreements, on the other hand, are used for everything from vehicles to mortgages to new business ventures.
Some promissory notes require the payment of the full amount owed, plus interest, on a certain date. If the promissory note requires that periodic payments be made, such as quarterly, monthly, or even weekly, it is called an installment promissory note.
Assuming that no adjusting entries have been made to accrue interest revenue, the honored note is recorded by debiting cash for the amount the customer pays, crediting notes receivable for the principal value of the note, and crediting interest revenue for the interest earned.
Types of Promissory NotesSimple promissory note.Demand promissory note.Secured promissory note.Unsecured promissory note.
A simple promissory note might be for a lump sum repayment on a certain date. For example, you lend your friend $1,000 and he agrees to repay you by December 1. The full amount is due on that date, and there is no payment schedule involved.
The promissory note journal entry is recorded by debiting the account that receives value, commonly the cash account, and crediting the notes payable account.
