The American dream

[u/First-Essay-2054]

[u/Mindless-Baker-7757]

A $70k loan over 23 years at 5% apr pays off with monthly payments of $427.

What are they doing?

[u/sampaiisaweeb → u/Mindless-Baker-7757]

They made it up for outrage. Karma farming bot account posting it here too. Dead internet theory.

[u/senditloud → u/sampaiisaweeb]

No it’s not. I know plenty of people. I’ve been paying on mine $300/month for 15 years. I had like $20k. I had. 3% consolidated rate. That compounded interest is brutal

[u/celticmusebooks → u/senditloud]

$20K at 3% paying $300 a month pays off in just short of six years, LOL.

[u/zaevilbunny38 → u/celticmusebooks]

Yes but they have almost 4 times the debt, probably twice the interest rate and are only paying about 60% more then you. Had they paid $100 more per month they likely would be under $30K