Birdwatch Note Rating
2024-05-27 04:39:57 UTC - NOT_HELPFUL
Rated by Participant: E7A4BA27A5D20C95EC0EF9CF37225C5E808D88F442F2C4F4933167607E96C08F
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