
Originally Posted by
Katrine
Ok, ok, I'm sorry. I really was trying to be helpful, this is not attack from my side. I can be a cranky bitch sometimes, and I apologize for lashing out to you in the past.
I don't understand something then. Why would the car cost you $5,600 if you paid it off in a year? Sure, you would be paying extra in interest, depending on the percent and compounding frequency. But if you let it go for 3 years, you're paying the extra because of the interest has been compounding for 3 years, not in spite of it. Right?
Edit: Ok, I see, even if you pay it in a year, it would be more than double price? Never mind......
Edit again: so you're effectively paying 48.7% interest on this car if my calculations are correct
Bookmarks