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Promissory Note Compound Interest
"I need a Promissory Note Compound Interest for a S$500,000 business loan to be repaid over 3 years starting March 2025, with quarterly compound interest at 5% per annum and the option for early repayment without penalty."
1. Promise to Pay: Unconditional promise to pay a specific sum with clear identification of the maker and payee
2. Principal Amount: Clear statement of the borrowed amount in numbers and words
3. Interest Rate: Specification of compound interest rate, compounding frequency, and calculation method in compliance with Singapore law
4. Payment Terms: Schedule and method of payments, including frequency and manner of payment
5. Maturity Date: Specific date when the full amount becomes due and payable
1. Security: Details of any collateral or security provided to guarantee the note
2. Acceleration Clause: Conditions under which the lender may demand immediate payment of the entire outstanding amount
3. Prepayment Terms: Conditions and procedures for early repayment of the note
4. Default Provisions: Consequences of default and remedies available to the lender
5. Governing Law: Explicit statement of Singapore law as governing law and jurisdiction
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Interest Calculation Schedule: Detailed method and examples of compound interest calculations
3. Security Details: Comprehensive description of any collateral or security arrangements if applicable
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