here's the deal 160 acres- $100,000.
bank gave me this deal- the payment first 5 years- $16-17 thousand. the payment for the years 6 through 30 - $4600. So this is $17,000 x 5 = $85,000. $4600 x 25 = $115,000. That then equals $200,000. So I will be paying $100,000 on interest for a $100,000 loan! He has to do it this way because I don't have enough collateral. My cattle and machinery are payed for now but will be used against the loan for the first 5 years. After 5 years I own cattle and machinery free and clear with all the titles, just like I do now! What is your input on this (not very fair) deal?
bank gave me this deal- the payment first 5 years- $16-17 thousand. the payment for the years 6 through 30 - $4600. So this is $17,000 x 5 = $85,000. $4600 x 25 = $115,000. That then equals $200,000. So I will be paying $100,000 on interest for a $100,000 loan! He has to do it this way because I don't have enough collateral. My cattle and machinery are payed for now but will be used against the loan for the first 5 years. After 5 years I own cattle and machinery free and clear with all the titles, just like I do now! What is your input on this (not very fair) deal?