DOWNLOAD this Minnesota Promissory Note Form representing the lending and borrowing of monies over a period of time agreed upon by the lender and borrower. The lender agrees to lend and the borrower agrees to borrow an amount of money, payable either in equal regular payments or all at once at the end of the loan. The loan may be secured by property or may be unsecured.
The legal interest rate in Minnesota if not otherwised agreed to is 6% per year. Parties may not contract for a rate more than 8% per year unless the amount loaned is over $100,000. M.S.A. § 334.01