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#31 |
Take a Chill Pill
Join Date: Nov 2006
Location: South Carolina
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Flopnuts help me out here.
Lets say you get a loan for $3400 You put $500 down in a down payment, and have 10% compound interest. You pay $400 a month back on the loan. What does that 10% compound interest mean? |
Posts: 44,565
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#32 |
Burger Meister Meister Burger
Join Date: Apr 2006
Location: Tucson AZ
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Left foot, right foot, left foot, right foot, right foot, left foot, right foot, left foot, right foot, left foot, right foot, left foot, right foot, left foot,
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Posts: 141
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#33 | |
Veteran
Join Date: Mar 2007
Location: St. Loser, MO
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Quote:
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Posts: 4,160
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#34 |
Veteran
Join Date: Mar 2007
Location: St. Loser, MO
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Posts: 4,160
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#35 |
FINALLY! The wait is over.
Join Date: Mar 2005
Location: The Future Is Now!!!
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Posts: 56,649
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#36 |
oxymoron
Join Date: Feb 2001
Location: OP/KC/Whatever
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Posts: 58,682
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#37 |
FINALLY! The wait is over.
Join Date: Mar 2005
Location: The Future Is Now!!!
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The only difference between that and a normal interest loan is, you pay interest on your interest with a compounded interest loan.
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Posts: 56,649
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#38 |
In Search of a Life
Join Date: Dec 2004
Location: Parts Unknown
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i just farted
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Posts: 21,079
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#39 |
FINALLY! The wait is over.
Join Date: Mar 2005
Location: The Future Is Now!!!
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Keep this in mind Buck. In the beginning, your interest is higher because you owe more. You're paying interest on that interest right out of the gate. 10% is good, but that is going to raise it probably by around 3% over that time frame from a more conventional loan. That's a total off the top of my head guesstimate. It could be more, or less. Bottom line, pay that ****er off asap. Your credit is better than that rate.
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Posts: 56,649
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#40 |
Supporter
Join Date: Sep 2007
Location: On a yellow brick road.
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I want to lock Paris Hilton in my closet. That way, when I have a bad day, I can pull her out, spit on her, punch her in the face, and put her back.
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#41 |
Take a Chill Pill
Join Date: Nov 2006
Location: South Carolina
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#42 |
Custom User Title
Join Date: Nov 2008
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sharting is awesome.
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Posts: 12,706
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#43 |
FINALLY! The wait is over.
Join Date: Mar 2005
Location: The Future Is Now!!!
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#44 |
FINALLY! The wait is over.
Join Date: Mar 2005
Location: The Future Is Now!!!
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$3679.89 over 9 months. Here's a link to a compound interest calculator. You can play with the numbers. Obviously you want to divide that $400 into the total to get the amount of months for payoff.
http://math.about.com/library/blcompoundinterest.htm |
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#45 |
Most Valuable Poster
Join Date: Oct 2003
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I have a HUGE dump brewing. I may trade this dump for the Chiefs 4th round pick. It could be the new starting TE.
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