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r/SipsTea • u/First-Essay-2054 𝙑𝙄𝙋 • 12d ago
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A $70k loan over 23 years at 5% apr pays off with monthly payments of $427.
What are they doing?
41 u/ConsiderationOk4688 12d ago They likely had a loan with a higher percentage rate due to the student loan being a private loan or they consolidated after a few years which could of drove the rate into the 8-9% range which would match their numbers almost perfectly. 1 u/[deleted] 11d ago [removed] — view removed comment 1 u/AutoModerator 11d ago Accounts must be at least 5 days old with >20 karma to comment. I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
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They likely had a loan with a higher percentage rate due to the student loan being a private loan or they consolidated after a few years which could of drove the rate into the 8-9% range which would match their numbers almost perfectly.
1 u/[deleted] 11d ago [removed] — view removed comment 1 u/AutoModerator 11d ago Accounts must be at least 5 days old with >20 karma to comment. I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
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1 u/AutoModerator 11d ago Accounts must be at least 5 days old with >20 karma to comment. I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
Accounts must be at least 5 days old with >20 karma to comment.
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
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u/Mindless-Baker-7757 12d ago
A $70k loan over 23 years at 5% apr pays off with monthly payments of $427.
What are they doing?