Register

Why does it take 30 years to pay off 150,000 loan , even though you pay 1000 a month

Why does it take 30 years to pay off 150,000 loan , even though you pay 1000 a month
79.7k views
3 votes
Why does it take 30 years to pay off 150,000 loan , even though you pay 1000 a month

User Baumann
by
7.7k points

2 Answers

5 votes
This would be due to interest. As the month ends, you pay $1000, but your debt has increased as interest has been added onto your loan, making you go from owing $150000 to owing $150000+x, x being the interest gained at the end of the month.

User Doqtor
by
8.1k points
1 vote
interest rates i believe

User Faraday
by
7.9k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!