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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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55690484 No.55690484 [Reply] [Original]

How the hell do they calculate mortgage interest?
Like if I take 30k mortgage at 4.1% I should be paying back 31230 but they want me to pay 305 a month which in 10 years will be 36600
Which would be an interest of 22%

>> No.55690507

>>55690484
ah he figured out what compounding interest means. its the reason why loans in our society are predatory. if they tacked on the interest at the end without compounding it like you say loans become much more sane and fruitful for both parties

>> No.55691178

>>55690484
amortization

>> No.55691297

>>55690484
Top signal.

>> No.55691692
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55691692

>>55691297
>Top signal
For him

>> No.55691951
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55691951

>>55690484
>lole
>lmaoe evene
Welcome my son
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