Private Investor Loan 3 Years 7.2% annum

[Francesco Ferrero]

We are looking into getting a private Investors Loan of 120,000$ with these Terms. We are calculating our repayments to be around 2700$ Would this be correct? Also we are not quite sure what point 3b means for us.... 

"The term of the loan is five (3) years and therefore ends on the twenty-eighth of June two thousand and twenty-four.
2. Interest and fixed-rate period
a. The Debtor owes the Creditor an interest of seven and two-tenths percent (7.2%) per annum on the Principal Amount or the remainder thereof, payable monthly in advance, for the first time on @ over the period since then .

b. The interest rate will be fixed during the term of the loan.
c. The Debtor owes the Creditor a closing commission of two percent (2%) of the principal sum, which will be deducted from the amount to be paid by the creditor to the debtor.
3. Repayment
a. During the first year of the term of the loan, the Debtor is not authorized to repay the principal or the remainder thereof.
b. During the remainder of the term of the loan, the
Debtor has the right to up to twenty percent (20%) of the
(original) principal sum per calendar year without any (extra) early repayment "

Thanks in advance

[Rene D.]

Agree with @Tom S."The term of the loan is five (3) years "  this should be consistent. Seems a little shady...