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Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: Head banging time||Date: 11/6/2012 11:14 AM|
|Author: vkg||Number: 306368 of 311661|
Now they realize that they could have taken out a different loan that didn't charge 30%. Amazing.
It isn't stated the same way as interest rate on a loan.
It also should have been easy to multiply the monthly payment by the number of months. Borrowing $92,000, Paying $240,000.
They are also paying income taxes on the payments.
It is no wonder that they were in deep financial problems and were looking for a quick fix.
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