How many semi-monthly installments are required to fulfill the payment obligation 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 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 in 20, with subsequent installments due on the same day of each successive month. The final installment will be due on a specified date in 20.
This arrangement outlines the repayment terms for the principal amount, specifying the frequency and amount of each payment, as well as the overall duration of the payment plan. Prospective franchisees should note these payment obligations and factor them into their financial planning.