Banks Destroyed My Life

Originally posted by forestlady
But $12,500 over 10 years shouldn't add up to $60,000, no way, take 30 seconds and do some simple math. The interest rate would have to be ungodly to make it that high. Yes, I am taking into account that interest keeps accruing until the loan is paid off. But really, do some quick math and you will find that it is an outrageous sum; it's usury.

You know, I guess you’re right. I’ve only ever heard of debt accumulating that badly before with people who abuse credit cards. It is almost ridiculous for a bank loan.

reply to post by NRen2k5

Thank you for the gracious reply, I appreciate it. I used 10% interest rate, but really I dont know what the interest rates of bank loans are these days, anyone know?