I have been avoiding this question here, but I think it is time to come clean.
I owe about $5000 on my F-150 pickup. KBB has it worth between $5695 and $6520. Interest rate is 3.74%. I have another year of paying this off.
I have a student loan of $3143.44, with interest rate of 3.13%. Paying $50 per month on this.
I have a table/chairs that I bought on 0% interest until 2010 and I owe $428. I pay $27 a month to get it done a little early. Shouldn't have bought this, but hey, two years ago I had no idea that I was going to be a farmer.
We owe about $11,000 for cattle. That is all we owe on about 70 cow/calf pairs. The interest rate is 7.25% and I can write off the interest and I can depreciate the cows. Yearly payment of $6070 for the next two years on April 1 (after we sell the calves).
We owe $12,678 for a tractor and baler. Interest rate is 7.25%. We can depreciate the tractor and baler and write off the interest. Yearly payment of $4766, due Nov 15 for the next three years.
We owe ~$51,000 for a swather. Interest rate 4.25%. Yearly payment of $13,000 every February for the next 5 years. Again, depreciation and write off for this. Swather is worth about $65,000 (a guess).
We have a line of credit of $6700 at 7.25% (can write off this interest). We also have a 0% interest credit card of about $30,000. We used this for farm expenses. I wish we hadn't, but we did. I applied for another card that is 0% interest for a year, but i haven't heard anything from that yet.
We owe ~$14,000 on 80 acres of farm land. Land is worth at least $700 / acre means it is worth $56,000.
We owe $197,000 for 320 acres of pasture and a small amount of crop land. 5% interest. Bi-yearly payments of $9900, due Dec 1 and June 1. We just bought this. We bought it for $625 / acre. It is worth more than that, but we bought it from family, so they gave us a deal.
Total Debt $331,000.
Dang. I really didn't know it was that high.
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