Posted on 04/09/2016 2:40:40 PM PDT by hattend
Does anybody believe this is possible?
too bad her angry lesbian studies degree didn't require an arithmetic class
As long as these people can keep going to school, it’s all good bro!
Maybe her job was sent overseas and she has to compete with third world people for third world wages. Maybe she is raising a family with no child support.
Maybe young people should not be exploited like this and encouraged to take on all this debt so that university faculty can earn huge salaries and great benefits, far are above what they would earn in the private sector.
Once upon a time, when America was a great nation and we were a moral righteous people, we cared about our young people, their future, and the quality of life they would have.
Let us be truly a good and moral people again, and if young people are to be lent the money for an advanced education, let us loan it to them interest free, and let it be forgiven in bankruptcy if life circumstances should make it impossible for them to pay it back, so they can have a fresh start, just as you or I would, if we had the same burdensome debt acquired a whole lot less wisely, than seeking a good education.
I think there is a failed IQ test involved here. Hers.
I learned from my ex-DIL. She got her tuition free education and my son was forced to support her but she wanted to have a nice car, a nice house to rent, clothes, make-up and vacations so she took as much as she possibly could.
She was able to clear her maxed credit cards by going bankrupt and didn’t make a payment on her student loans until they forced her. Then, as soon as she could she re-enrolled in college to suspend the payments, she has done that twice.
In the last 15 years she has worked, part time as a waitress.
I can’t even imagine what she owes.
.
Is Tony Soprano holding the note?
Really? Isn’t that just crazy.
“When interest hits your eye
Like a big piece of the pie
That’s amortiza-a-tion . . . “
Love that.
She is paying back $26,400 at 5% over 50 years. She’s paying $118.50 a month on her loan and she has 27 years to go. She’s correct that she will pay that much over that period if she doesn’t pay more than the minimum due.
On the other hand, she would have finished paying the loan by now if she had put in an extra $43 or so every month.
Math is hard. Even harder for her, since she’s a moron.
The tax deductibility of the mortgage interest helps make the scenario I presented somewhat more attractive, too.
You are free to lend your hard-earned money to anyone you like.
I get irritated with people who try to tell me what I should do with my hard-earned money. I get downright angry with people who take it from me under threat of incarceration and spend it "for the common good."
It's called freedom. They talk about it in the constitution.
Assuming “instantaneously compounded interest” the problem is of the form d P(t) = (r P - a ), where r is the rate of interest, and a is the rate of repayment.
The integral is number 27. in the CRC math tables, but we all know this anyway, as we realize as soon as we look it up :-)
From this formula I get
P1 = P0(1-a/(r P0) ) exp( r t ) - a/r
This seeming weirdness makes sense. In the first place, you must have your rate of repayment, a, greater than your instantaneous AMOUNT of interest, r P0, where P0 is your initial principal owed. Otherwise, you will make no progress whatsoever. So as to conceivability, the question is settled.
And since the progress is negative in the “meme” story, this must be the case there.
Suppose your interest is a usurial 10% annually. This would be $2640 annually which would have to be matched by a $220 monthly payment just to pay back the accummulating interest.
For the Principal to have “only” doubled in 23 years means that, if the story is substantially true, the complainant must have been paying a monthly amount which almost matched the monthly interest on the initial principal. Of course, this is a runaway situation once the principal grows substantially, and I imagine the initial intention was to “keep pace with the interest” with minimal payments.
s/b
P1 = P0(1-a/(r P0) ) exp( r t ) + a/r
That was a transcription error. I had as the condition for complete payment:
P0(1-a/(r P0) ) exp( r t ) = - a/r
which goofed me up. That little residual amount, a/r, which must be paid off according to the formula, is interesting mathematically. Note this is nearly P0 when a ~= rP0, and it shows that the defrayment of the principal is a small fraction of the interest payments when your payments barely cover the interest. I suppose we might have guessed that!
What kind of job did she have where she could not pay off a 23k note in 5-10 years?
1. Go to affiliated Comunity College for first two years while living at home and working part time.
2. Matriculate to state college system for years 3 and 4 while continuing to work part time (full time in summer).
3. Take a year off and work full time if necessary.
4. Actively apply for every scholarship that applies to you.
Most can achieve a bachelor’s degree with no debt.
My ECON professor used her own buying habits as an example of supply and demand. She would buy 6 or 7 Dr. Peppers each day from the vending machines. Finally one day I asked her in class if she ever heard of Costco and they sell a 24 can case of Pepper for about $5 (2001) instead of supporting the vending company each day at $6-$7. She looked at me and asked me if I ever heard of subjective grading. Despite getting A’s on every test she gave me a C for the quarter.
I don't believe in maintaining friendships with stupid people. You just can't fix stupid.
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