Before you "borrow" to buy Christmas gifts,
check out this chart
and the chart on Credit Card Debt.
| AMOUNT BORROWED |
MONTHLY PAYMENT AMOUNT NEEDED TO PAY OFF THE LOAN IN |
||||
|
6 MONTHS |
12 MONTHS |
18 MONTHS |
24 MONTHS |
36 MONTHS |
|
| $500 | $87.72 | $45.84 | $35.40 | $24.96 | $18.08 |
| $1,000 | $175.53 | $91.68 | $70.80 | $49.92 | $36.15 |
| $1,500 | $263.16 | $137.52 | $106.20 | $74.88 | $54.23 |
| $2,000 | $351.06 | $183.36 | $141.60 | $98.44 | $72.30 |
NOW, LOOK AT THE TABLE BELOW TO SEE THE TOTAL AMOUNT YOU WILL HAVE PAID TO THE LENDER. FOR EXAMPLE, IF YOU BORROW $1,000 AND PAY IT BACK IN 3 YEARS, YOU WILL PAY $1,301, $1,000 FOR PRINCIPAL AND $ 301 IN INTEREST! 18% INTEREST IS ROBBING |
|||||
| Amount
Borrowed |
6 MONTHS |
12 MONTHS |
18 MONTHS |
24 MONTHS |
36 MONTHS |
| $500 | 526.32 | 550.08 | 637.20 | 599.04 | 650.88 |
| $1,000 | 1,053.18 | 1,100.16 | 1,274.40 | 1,198.08 | 1,301.40 |
| $1,500 | 1,578.96 | 1,650.24 | 1,911.60 | 1,797.12 | 1,952.28 |
| $2,000 | 2,106.36 | 2,200.32 | 2,548.80 | 2,362.56 | 2,602.80 |
BORROWING, TO BUY "THINGS" for
CHRIST'S BIRTHDAY
IS NOT WHAT HE WOULD WANT US TO DO!
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