Quote:
Originally Posted by mtdjed
Not quite the way math works. In my opinion, a 30 year loan at 7% interest and a $1000 yearly payment would have an original bond somewhere near $12000 to $13000. MY math may be faulty but remember that the Interest is included in that $1000 yearly payment.
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Remember that there is also an admin fee in that $1,000 annual payment. My fee was $88 but I doubt that amount is consistent across all bonds.
A $1,000 payment that included an $88 admin fee would result from an initial bond amount of $11,300.
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Why do people insist on making claims without looking them up first, do they really think no one will check? Proof by emphatic assertion rarely works.
Confirmation bias is real; I can find any number of articles that say so.
Victor, NY - Randallstown, MD - Yakima, WA - Stevensville, MD - Village of Hillsborough
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