Birdwatch Note Rating
2024-05-27 03:11:09 UTC - HELPFUL
Rated by Participant: D18C9AC0B9CD3082B1450B526E59A7F68C86F6D3BB9CD4FB3A88DAE914DC1639
Participant Details
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
All Note Details