Question on a friendly loan of about $50k - made to someone over last couple of years, at a straight rate of 5% - monthly payment is $215 - no principal payment.
So, for a given year, the interest is $215 x 12 = $2580
Since this was a freindly, off the radar loan, was just wondering how it could have been reported on both sides ?
Where would the borrower detail the interest payments made ?
Where would the lender detail the payments received ?