Birdwatch Archive

Birdwatch Note

2024-05-26 12:33:41 UTC - MISINFORMED_OR_POTENTIALLY_MISLEADING

While it would be fantastic if this were true, unfortunately it is not. The video does not accurately describe how compound interest on loans works. Paying an extra $30 ($1 a day) on your mortgage will save you money. But, you won't avoid the interest payments entirely. https://theconversation.com/you-cant-beat-the-bank-by-paying-1-a-day-extra-on-your-mortgage-heres-how-compound-interest-really-works-202838

Written by 48830813075019289E2D1E822CD69B03C11675039D7D98F255BD76FD09DA470E
Participant Details

All Information

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• noteId - 1794708485726142924
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• noteAuthorParticipantId - 48830813075019289E2D1E822CD69B03C11675039D7D98F255BD76FD09DA470E Participant Details
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• classification - MISINFORMED_OR_POTENTIALLY_MISLEADING
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• summary
• While it would be fantastic if this were true, unfortunately it is not. The video does not accurately describe how compound interest on loans works. Paying an extra $30 ($1 a day) on your mortgage will save you money. But, you won't avoid the interest payments entirely. https://theconversation.com/you-cant-beat-the-bank-by-paying-1-a-day-extra-on-your-mortgage-heres-how-compound-interest-really-works-202838