Birdwatch Note Rating
2024-08-05 20:07:44 UTC - HELPFUL
Rated by Participant: DED87FF5904B38E95FCF6A024494C38F5D5A4F6C063A8F9CEED9C43EAC0B5CC6
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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