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18 March, 11:00

Why does it take 30 years to pay off $150,000 loan, even though you pay $1000 a month?

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  1. 18 March, 11:35
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    This would be due to interest. As the month ends, you pay $1000, but your debt has increased as interest has been added onto your loan, making you go from owing $150000 to owing $150000+x, x being the interest gained at the end of the month.
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