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

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?

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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 remaini…

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