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Updated almost 14 years ago,
Contract for Deed Help - Not sure where to go with this
Hello everyone. I'm having a calculation problem and was wondering if someone could help me do some math. I have a private lender willing to borrow me exactly $187,131.95. They are willing to do a balloon of 10 years or more. But, my question is she wants exactly $2,000 interest only in payments monthly. How do I calculate the interest because I would need to put it in the contract? Just not sure how much interest it would be. Thank you very much.