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Quick question about Federal AFR
If I make a loan to a family member with a term of 10 years, do I use the long term AFR stated for the month that the loan is initiated for the entire term of the loan? In other words, since the AFR changes monthly, do I have to account for these changes somehow, or is the rate locked in at the original AFR for the entire term?
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12-15-2018, 02:51 AM
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Join Date: May 2017
Posts: 15,530
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I say it is locked for the term of the loan.
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12-15-2018, 05:34 AM
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Join Date: Apr 2002
Posts: 30,496
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Damn...never heard of this. Lots of tax cheats in my family (0 interest loans)
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12-15-2018, 05:39 AM
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Join Date: May 2017
Posts: 15,530
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Quote:
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12-15-2018, 05:53 AM
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Join Date: Apr 2002
Posts: 30,496
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I won't either
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12-15-2018, 05:54 AM
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