When do the payments of $100.00 begin for the Beverly Anns Cookie loan?
Beverly_Anns_Cookie Franchise · 2025 FDDAnswer from 2025 FDD Document
the 1st day of each month thereafter. I will make 3 payment(s) of Principal and Interest in the amount of $100.00 beginning December 1, 2023 and on the 1st day of each month thereafter. I will make 9 payment(s) of Principal and Interest in the amount of $3,000.00 beginning March 1, 2024 and on the 1st day of each month thereafter. I will make 3 payment(s) of Principal and Interest in the amount of $100.00 beginning December 1, 2024 and on the 1st day of each month thereafter. I will make 9 payment(s) of Principal and Interest in the amount of $3,000.00 beginning March 1, 2025 and on the 1st day of each month thereafter. I will make 3 payment(s) of Principal and Interest in the amount of $100.00 beginning December 1, 2025 and on the 1st day of each month thereafter. I will make 9 payment(s) of Principal and Interest in the amount of $3,000.00 beginning March 1, 2026 and on the 1st day of each month thereafter. I will make 2 payment(s) of Principal and Interest in the amount of $100.00 beginning December 1, 2026 and on the 1st day of each month thereafter. I will make 1 payment(s) of Principal and Interest in the amount of $2,353.76 on March 1, 2027.
Payments will be rounded to the nearest $.01. With the final payment I also agree to pay any additional fees or charges owing and the amount of any advances you have made to others on my behalf. Payments scheduled to be paid on the 29th, 30th or 31st day of a month that contains no such day will, instead, be made on the last day of such month.
Interest only payments will be applied first to any charges I owe other than late charges, then to accrued, but unpaid interest, then to late charges. Principal only payments will be applied first to the amount of the scheduled Principal payment, then to any late charges.
Payments of Principal and interest will be applied first to interest that is due, then to principal that is du
Source: Item 22 — CONTRACTS (FDD page 57)
What This Means (2025 FDD)
According to the 2025 Beverly Anns Cookie Franchise Disclosure Document, there are three instances where payments of $100 are required. The first instance requires 3 payments of $100 beginning December 1, 2024. The second instance requires 3 payments of $100 beginning December 1, 2025 and the third instance requires 2 payments of $100 beginning December 1, 2026.
In addition to the $100 payments, there are also larger payments due at different times. Franchisees will make 9 payments of $3,000 beginning March 1, 2025, and 9 payments of $3,000 beginning March 1, 2026. There is also a final payment of $2,353.76 due on March 1, 2027.
These payment schedules are part of the loan agreements that franchisees enter into with Beverly Anns Cookie. It's important to note that payments will be rounded to the nearest cent, and the final payment may include additional fees, charges, or advances made on the franchisee's behalf. The FDD also specifies how payments are applied, with interest being paid before principal, and allows for changes to the application of payments at the discretion of Beverly Anns Cookie.