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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (42565)	9/28/2005 11:24:13 PM
From: mishedlo	Read Replies (2) \| Respond to of 110194

I ended up dropping the first sentence and changed the second one to read: The new "reasonable" 100 month repayment period based on 1% per month is considerably shorter than the current repayment period that can take something like forever.

To: mishedlo who wrote (42565)	9/29/2005 12:00:41 AM
From: benwood	Respond to of 110194

You can see my other example for a 10k loan with 1% principal per month subject to $15 minimum, and that was about 24 years repayment. Higher starting balances take longer. For example, Citibank just raised one of my cards to $21k today, and so if I charged that amount and paid the same 1% per month, I'd have zero balance on the 371st month, or 30 years and 11 months repayment period. The interest I'd pay would be $1688.13 for every 1.0% interest rate. That is, 10% interest would mean interest would be 10x that figure, or $16881.30. --Ben