Birdwatch Note Rating
2024-01-17 22:43:25 UTC - HELPFUL
Rated by Participant: 589D153833AFBA23C2F526B7E1C0AE663289C2BAA59BEC75D725CF65BDBC441C
Participant Details
Original Note:
Looking back at 2001 student loan rates and using amortization tables, the $500 he is claims they have paid every month would have already paid off the loan. https://www.savingforcollege.com/article/historical-federal-student-interest-rates-and-fees https://www.calculator.net/amortization-calculator.html $70,000 loan balance over 23 year period at 6.5% interest would need a $489.35 monthly payment to pay off
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