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Updated about 2 years ago,

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15
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4
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Paying interest to my private lender

Alexandra Scardo
Posted

I have a person interested in lending me money for a flip but she’s never lended money and I have never borrowed from a private lender. I know this is basics but I really don’t know.
So let’s say I borrow $10,000 for 5 months at 10% . Just one payment at the end of the 5 months. How much am I paying her? Is it 11k or 15k? Does the 10% interest accrue monthly?  Thank you so much for helping me learn.

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