Gearclash - 12/27/2016 22:02 Well now maybe the banker is right. Interest cost on an acre of land in this area would have been around $270 in the early '80s. Today it is around $300. These are ball park numbers.
I don't know where you're borrowing money that you can buy tillable land in Sioux County with only $300/acre in interest costs.
You're either borrowing money really cheap or you're putting in a healthy down payment and not charging any interest against it.
At $12k land and 3% interest you'd be paying $360/acre in interest alone + principal + property taxes.
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Interest to high???
