In re Johnson (02-30457)
The debtor signed a promissory note that required the debtor to repay the principal plus interest by making a single payment. The promissory note provided for a five percent late charge if any periodic payment was not timely made. The debtor failed to make her payment and the creditor demanded payment of the late charge. The court held that a single payment for the full amount of the obligation was not a periodic payment and that the debtor was not required to pay the late charge.