Birdwatch Note Rating
2024-08-05 15:41:55 UTC - HELPFUL
Rated by Participant: 6A2F9C2C049A9A11BA04B5469B4B113141051AFF87E522524EE35E0D3B92812B
Participant Details
Original Note:
At an 8.6% interest rate, $500 monthly payments can't outpace the accruing interest on $70,000. Therefore, less than an 8.6% interest rate is required to generate the outcome described in the original post, not 93%. (0.086 x $70,000)/12 = $501.67 in the first month https://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php
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