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You are correct. My apologies. I exagerated.
I was thinking of real estate.
On a $100,000 loan, 30 year fixed loan, at 5% interest, the total payments would be: $193,255.20
($536.82/month x 360 months).
On a $100,000 loan, 30 year fixed, at 10% interest, the total payments would be: $315,925.20
($877.57/month x 360 months)
What I should have said was: The loanee would paying two to three times the original price.
The rest of the payments would go into Goldman Sak's executive bonuses.
"Patently false"? Unless you are trying to deceive people, try a mortgage calculator for yourself.
They are free online.
Last edited by john70t; 03-29-2011 at 04:56 PM..
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