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Ask CPA Cindy Your Own Question
CPA Cindy
CPA Cindy , Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 57
Experience:  15 years in public accounting (Big 4)
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I sold a piece of property in January, 2005, for $44,000.00

Customer Question

I sold a piece of property in January, 2005, for $44,000.00 and financed it myself. The original note called for interest at 7.5% for 7 years with a balloon due at the end of the term. The buyer has been paying $500.00 a month for six years for a total of $36,000.00 and now wants to pay the property off. How much does he owe me?
Submitted: 5 years ago.
Category: Finance
Expert:  CPA Cindy replied 5 years ago.

I used the 15th of the months as the date of payment receipt. Given that, if payoff was received by 2/15/11, he would owe you $23,619.75 ($23,767.37 principal and $147.62 interest). I have attached the amortization schedule here.

 

Hope this helps.

 

Cindy



Edited by CPA Cindy on 2/8/2011 at 12:23 AM EST
Customer: replied 5 years ago.

' he would owe you $23,619.75 ($23,767.37 principal and $147.62 interest). '

 

Do you mean $23,619.75 PLUS the interest of $147.62 for a total of $23, 767.37 ?

Expert:  CPA Cindy replied 5 years ago.
That is correct. My apologies!