Updated over 6 years ago on . Most recent reply
How to structure a promissory note
My main concern is on how to pay the money back and how much interest do I pay. Lets say I do a one year promissory note at ex. 10% for $60k. Do I pay $6k to the person no matter when I pay it off before the end of the 12 months? In other words, If I pay the full amount of the principal in the fist month, do I pay the person $6k in interest or is it deferred by month which would be $500 per month?