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A Simple Interest Promissory Note is commonly used in England and Wales when parties wish to document a straightforward lending arrangement where interest is calculated solely on the principal amount. This document is particularly useful for private loans, business financing, or family lending arrangements where compound interest is not desired. The note includes essential terms such as the principal amount, interest rate, payment schedule, and maturity date, while providing legal protection under English and Welsh contract law. It offers a simpler alternative to more complex loan agreements while maintaining legal enforceability.

1. Promise to Pay: Clear statement of the debt amount and promise to repay

2. Interest Rate: Specification of simple interest rate and calculation method

3. Payment Terms: Schedule and method of payments

4. Maturity Date: Date when the full amount becomes due

5. Execution: Signature blocks and date