Birdwatch Note Rating
2024-05-27 00:37:17 UTC - HELPFUL
Rated by Participant: 6D984EA86F556375FD0A69E1F480A70A64D73C7F86E875B3F759B4CC638ACE92
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Original Note:
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
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