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Nancy and Joan bought a small farm for $300,000 under an installment land contract with a $50,000 down payment. They will pay interest only at 6% for five years when the remaining principal balance becomes
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Nancy and Joan bought a small farm for $300,000 under an installment land contract with a $50,000 down payment. They will pay interest only at 6% for five years when the remaining principal balance becomes due. How much interest will they pay over the life of the contract?

User Reddi
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1 Answer

3 votes

Answer:

75,000

Explanation:

300,000-50,000 = 250000*6%*5

User Akiva
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