This week I’ll continue with the scenario from Part 1.
To recap, I've bought a note for $20,000. The terms of the note are as follows: 360-month amortization (48 months have passed), 7% interest, $78,500 original balance, ($74,947.52 current balance), $522.26 monthly payment.
Some new information for Part 2: Though the note amortizes over 360 months, it has a 5-year balloon.
THE SCENARIO:
... Read more...