The identification of both parties in the promissory note must be complete, although names are usually sufficient. However, you can include additional data, such as an address, telephone number, ID number, etc.
2. Amount of Money Owed
2.1 Promise of payment
The Lender undertakes to make full payment of (Loan.Amount) plus any interest accruing thereon. In doing so, he/she will follow all terms and specifications included in this promissory note.
2.2 Interest included in the debt
Interest. Payment of this debt shall contain the interest indicated above, plus any additional expenses involved in this promissory note (late payments, collateral, etc.). Following the laws of the State of Ohio, the maximum interest will be taken on such debt (LegalInterest.Amount)%.
In addition, if a payment is received, it will first seek to cover the interest accrued on the note and then cover the principal debt.