I will loan you $100,000
I will give you 30 years to pay it back. You can make a small payment to me every month.
At the end of the 30 year period, I expect to have been paid roughly $230,000. That extra $130,000 is interest for the privilege of borrowing my money.
The first 20 years or so of payments will be mainly interest. I will have my $130,000 before you repay the $100,000.
If you do not pay me on time, I will come looking for you. If you miss more than 3 payments, I will contact a high-powered law firm to recover the remainder of my $230,000 from you. If I can not recover from you, for whatever reason, I will seek to recover from your spouse, children, siblings, and parents. All costs involved in recovering my money will also be charged to you. I will seize any property necessary to recover what is owed to me.
Sound fair?
I will give you 30 years to pay it back. You can make a small payment to me every month.
At the end of the 30 year period, I expect to have been paid roughly $230,000. That extra $130,000 is interest for the privilege of borrowing my money.
The first 20 years or so of payments will be mainly interest. I will have my $130,000 before you repay the $100,000.
If you do not pay me on time, I will come looking for you. If you miss more than 3 payments, I will contact a high-powered law firm to recover the remainder of my $230,000 from you. If I can not recover from you, for whatever reason, I will seek to recover from your spouse, children, siblings, and parents. All costs involved in recovering my money will also be charged to you. I will seize any property necessary to recover what is owed to me.
Sound fair?
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