3.1 The Principal Amount will mature on (insert date of maturity).
3.2 From the date of (insert first date of interest), simple Interest shall begin accruing on the Principal Amount at a rate of (insert Interest rate) (“Rate”) and continue accruing on the (insert day – example “30th”) day of each succeeding month on the balance of the Principal Amount still owed until such time that the Principal Amount is repaid in full.
3.3 The Borrower agrees to repay the Principal Amount and any Interest owed in one lump sum amount on or before the (insert day – example “31st”) day of (insert month and year – example “June 2023”)
3.3 The Borrower agrees to repay the Principal Amount and Interest in monthly installments of (insert amount) on or before the (insert day) day of each month, commencing from (insert date of first installment) and continuing until such time that the Principal Amount and Interest are repaid in full.
(Delete whichever payment method is not applicable)