09-14-2017, 02:03 PM
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#59
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Rice King
Join Date: Jul 2017
Drives: '19 FWD master race CTR
Location: The land of the North
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Quote:
Originally Posted by Dake
Sorry, I did do the math wrong (out of practice with my financial calculator  ), but it's the other way around. It should be $30.42 and $1047 for the 1000/10000 loans. Because interest compounds monthly and not annually, you pay more than the straight 3% or 10%.
I gotcha. Yeah, the psychological value of getting rid of a debt entirely is valuable. That being said, sending the grand to the higher interest/higher amount loan will still save you more than the interest you lose on the lower/smaller loan.  |
Teach me your math you math wizard
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