@[email protected] to News • 11 months agoA 30-Year Trap: The Problem With America’s Weird Mortgageswww.nytimes.comexternal-linkmessage-square99fedilinkarrow-up1172arrow-down125
arrow-up1147arrow-down1external-linkA 30-Year Trap: The Problem With America’s Weird Mortgageswww.nytimes.com@[email protected] to News • 11 months agomessage-square99fedilink
minus-square@[email protected]linkfedilink2•edit-210 months 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.
minus-square@[email protected]linkfedilinkEnglish1•10 months agoPayment = 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.
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.
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No shit…lol they have no clue how interest works
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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.