Coughenour v. Bates

CROW, Presiding Judge.

This appeal presents the issue of what rate of interest plaintiff Ralph S. Coughen-our must pay defendants Harold Paul Bates and Thelma Bates under a contract for the purchase of real estate.

On March 20, 1982, the parties signed a “contract for deed” whereby plaintiff agreed to purchase a tract of real estate from defendants for $100,000. At time of closing plaintiff was to pay $12,500 in cash; the remaining $87,500 was to be “amortized in monthly payments over a term of 30 years.” Payments were to commence May 1, 1982. The interest rate was fixed by the contract at ten…