[Still Growing]

Originally Posted by Kryptik

So my brother has been wanting to buy a new guitar for a while (either $750 or $900 depending on his final decision). Right now he doesn't have money for it, but he wants it in time for his guitar recital... so I was thinking about lending him the money. I have no other things I have to pay for (good thing bout being a teenager, have no bills or anything)...

I was thinking of lending it to him with a 3% interest... and raising the interest if he hasn't payed the money back after a year. Do any of you have any suggestions? I don't have any real experience with money so that's why I'm turning to you guys. Is that a good deal for both of us or is there something that will improve it? I will also be able to have full access to his old guitar so I can start my long awaited dream of learning guitar.

Don't do it.