If a land contract does not specify a percentage of interest on payments, does the buyer still have to pay nterest on the purchase?

If you have a contract, it may not specify interest at all. It WILL specify what you have to pay and when. You need not pay anything more than listed in the contract.

Does it not list the amount of the monthly payments and for how many months they are to be paid ?

I never list amount of interest on any of mine ( since I charge so much) I merely show the amount of monthly payments, and the length of time it is for.

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I never list amount of interest on any of mine ( since I charge so much) I merely show the amount of monthly payments, and the lenght of time it is for.

You are, I trust, aware of the usury statutes, and have determined the applicable exception for your situation?


"§ 7-4-1. "Usury" defined
The term "usury" means reserving and taking or contracting to reserve and take, either directly or indirectly, a greater sum for the use of money than the lawful interest."