Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 30% down. Assume that the monthly cost to finance $1,000 is $6.00. What are the monthly payments?
by BigHappy November 4, 2012 12:35 AM
Answer: You shouldn't finance anything.
by ACS2.0 November 4, 2012 12:58 AM
At six per cent you would be getting a haircut.
You wouldn't want that!
by splugy's ghost November 4, 2012 10:03 AM
u·su·ry /ˈyuʒəri/ Show Spelled[yoo-zhuh-ree] Show IPA
noun, plural u·su·ries.
1. the lending or practice of lending money at an exorbitant interest.
2. an exorbitant amount or rate of interest, especially in excess of the legal rate.
by BuySide November 4, 2012 11:00 AM
If you think 6% is usury you are a dismal failure in life in general, no matter the trappings of success that you may have acquired.
Your example #2 is telling of why you are wrong.
Look at the word legal, and then shut up.
Anyone who lends money at less than 10% is a fool on either a slow or fast road to failure.
$60,000 return on $1,000,000 net net net cash investment is just short of being DICK.
I charge my dad 8.5% on the loan I gave him.
You be all the fool you need to be. I will not.
It's a business. We supply beggars with our hard earned net net net cash because either they will never succeed enough to be in the position actually HAVE WHAT THEY WANT,or they are too busy in providing a false front of TRAPPINGS OF SUCCESS.
You do not mortgage your future for mere comforts today so lightly as to accept low rate returns from beggars.
I tried to be as clear as possible, let me know if you don't follow the thought stream.
by turdly November 4, 2012 12:03 PM
No I think we all follow your thought stream...Tardly
You're all the fool you need to be for doing business with family. But more important your also a colossal prick for charging your dad 8.5% interest.
by MTB November 4, 2012 2:58 PM
Follow the stream? Yup, then flush.
by Driveby Poster November 4, 2012 10:17 PM