Why does it take 30 years to pay off 150000 dollar loan even though you pay 1000 a month?

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01-10-2021
Mathematics

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Why does it take 30 years to pay off 150000 dollar loan even though you pay 1000 a month?

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pneha7520 pneha7520 · Answer 1 · 2021-10-01T00:44:53-04:00

pneha7520 pneha7520

01-10-2021

Answer:

Why does it take 30 years to pay off $150,000 loan, even though you pay $1000 a month? ... Even though the principal would be paid off in just over 10 years, it costs the bank a lot of money fund the loan. The rest of the loan is paid out in interest. ☺✌☺

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