Hiya. I’m still working on my first terms deal. I see some students have decided to go with a simple payment scheme wherein they don’t charge interest–just monthly payments. But Steven’s land contract definitely includes interest.
My question is…what would be the advantage to charging interest? It seems like a hassle. At the end of the year, you have to do reporting and fill out forms. Can’t I avoid all that just by making it a simple payment plan like: you pay $4000 down and $162 per month until you pay off the full purchase price? No amortization, no annoying calculations.
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