• @the_q
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    11 months ago

    deleted by creator

    • @Earthwormjim91
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      61 year ago

      Ah yes it’s so much worse than other countries where that interest is 3%, oh wait no now it’s 7%, oh never mind it’s 5% now, oh hold on now it’s 12%.

      A rate locked for the entire term of the mortgage is immensely better for the buyer than a rate that can change every 5 or so years.

    • @[email protected]
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      1 year ago

      $100k house

      Oh, you sweet summer child…

      Also, please come back when you understand opportunity cost. I will GLADLY pay anyone a 3% rate to front any amount of money I already have.

      • @the_q
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        11 months ago

        deleted by creator

      • @Dkarma
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        -21 year ago

        No shit…lol they have no clue how interest works

        • @the_q
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          11 months ago

          deleted by creator

          • @[email protected]
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            11 year ago

            Payment = rate*(loan amount)/(1-(1+rate)^(-number of payments))

            Rate =.03/12 = 0.0025

            Payment = 0.0025*100000/(1-1.0025^(-360)) Payment = $421.60

            Therefore, $151776 will be paid in total, or $51776 in interest.