What is the amount of each semi-monthly installment payment due to Bumper Man, Inc.?
Bumper_Man Franchise · 2025 FDDAnswer from 2025 FDD Document
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EXHIBIT G TO FDD PROMISSORY NOTE AND PERSONAL GUARANTY
PROMISSORY NOTE
| $25,000 , 20 | |
|---|---|
| For value received ("Maker") promises to pay to the order of Bumper Man, Inc., a Texas | |
| corporation (the "Payee") the principal sum of Twenty Five Thousand Dollars ($25,000) (the | |
| "Principal Amount") in one hundred twenty (120) semi-monthly installments, each of which | |
| shall be in the amount of Two Hundred Sixty-Five and 59/100 Dollars ($265.59). The first | |
| such installment shall be due and payable on, 20, with successive | |
| installments due and payable on the day and day of each successive month (each a | |
| "Payment Date"). |
Source: Item 22 — CONTRACTS (FDD page 45)
What This Means (2025 FDD)
According to Bumper Man's 2025 Franchise Disclosure Document, a franchisee may be required to pay semi-monthly installments to Bumper Man, Inc.
The document specifies that the 'Maker' promises to pay Bumper Man, Inc. a principal sum of $25,000. This amount is to be paid in 120 semi-monthly installments. Each installment is in the amount of $265.59. The first payment is due on a specified date, with subsequent installments due on the same days of each following month. The final installment will be due on a specified date.
This means that a Bumper Man franchisee who takes on this financing arrangement will be obligated to make regular payments of $265.59 twice a month for a total of 120 payments. Franchisees should carefully consider this obligation and factor it into their financial planning. It is important to note that this installment payment covers the principal amount; interest is a separate obligation.