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Tremblay Super Member
Joined: Oct 08, 2007 Posts: 2651 Location: Malta, Montana
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Posted: Wed Sep 02, 2020 3:24 pm Post subject: Loans -- theft |
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thinking
_________________ Patriotism is supporting your country all the time, and your government when it deserves it. - Mark
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Vince Site Admin
Joined: May 25, 2005 Posts: 15721 Location: Brisbane AUSTRALIA
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Posted: Wed Sep 02, 2020 3:29 pm Post subject: Re: Loans -- theft |
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_________________ Cheers, Vince
Illegitimi non carborundum
(Never let the bastards grind you down)
Live simply. Love generously. Care deeply. Speak kindly. Leave the rest to God.
"Nulla Si Fa Senza Volonta."
(Without Commitment, Nothing Gets Done) |
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PaulS Super Member
Joined: Feb 18, 2006 Posts: 4330 Location: South-Eastern Washington - the State
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Posted: Thu Sep 03, 2020 8:58 pm Post subject: Re: Loans -- theft |
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Your 30 year loan ends up costing close to three times what you borrowed.
Banks are businesses that make a lot of money, slowly.
_________________ Paul
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Elvis Super Member
Joined: Jul 27, 2008 Posts: 9256 Location: south island New Zealand
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Posted: Fri Sep 04, 2020 12:26 am Post subject: Re: Loans -- theft |
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PaulS do not be telling me that......Im pretty good at maths to be honest.
even at 10% per anum....that would be correct ONLY if you paid back interest and minimum payment of capitol....actually that would be four times the amount...so all interest calculated on total amount over total timespan added at beginning and then divided up by the time of loans life.
Im told things dont work like that anymore...interest is calculated on amount still owing...so the faster you pay capital back the less it will cost in long term... even a little extra will make large difference over life of loan.
given a repayment figure....only a mug would ONLY pay that amount....that figure assumes you will be paying back for entire life of loan...up the repayment amount and everything reduces including the repayment figure per week/fortnight/month.
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PaulS Super Member
Joined: Feb 18, 2006 Posts: 4330 Location: South-Eastern Washington - the State
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Posted: Sat Sep 05, 2020 9:22 am Post subject: Re: Loans -- theft |
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Yep! it is for folks who make the payments as they are due with no extra on the principal. If you are smart and add extra payment on the principal you spend less for the money you borrow. I paid off a 15 year mortgage in just 7 years.
_________________ Paul
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Vince Site Admin
Joined: May 25, 2005 Posts: 15721 Location: Brisbane AUSTRALIA
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PaulS Super Member
Joined: Feb 18, 2006 Posts: 4330 Location: South-Eastern Washington - the State
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Posted: Sun Sep 06, 2020 5:42 pm Post subject: Re: Loans -- theft |
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It doesn't take a lot of money to do that. The fact is, you save a lot more than you spend. I think it's kept a secret because the banks make more money if folks just pat the standard billing.
_________________ Paul
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Elvis Super Member
Joined: Jul 27, 2008 Posts: 9256 Location: south island New Zealand
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Posted: Wed Sep 09, 2020 3:07 am Post subject: Re: Loans -- theft |
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did the gonkulations today...and its nowhere near that bad.
slightly rounded figures
$265,000 over 22 years
$300 per week repayments
so 300x52x22= $343200 total repayments ASSUMING interest rates stay similar to what they are now
.....interesting times ahead.
_________________ You shot it You pluck it !
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