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Updated almost 6 years ago on . Most recent reply

Jovan Gonzalez's profile image
Jovan Gonzalez's profile image
Jovan Gonzalez
  • from Conyers, GA
  • Member since Apr 23, 2018
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Jovan Gonzalez's profile image
Jovan Gonzalez's profile image
Jovan Gonzalez
  • from Conyers, GA
  • Member since Apr 23, 2018
Connect
Jovan Gonzalez
  • Conyers, GA
0
Votes |
10
Posts
Private Lending & Conventional Mortgage Advice

How to structure a promissory note

Jovan Gonzalez
  • Conyers, GA
Posted

My main concern is on how to pay the money back and how much interest do I pay. Lets say I do a one year promissory note at ex. 10% for $60k. Do I pay $6k to the person no matter when I pay it off before the end of the 12 months? In other words, If I pay the full amount of the principal in the fist month, do I pay the person $6k in interest or is it deferred by month which would be $500 per month?

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