from Sovereign Man:
The other day, a friend of mine in Chile went to the bank to apply for a car loan. She has her eye on a new car for about $22,000. The bank in Chile wants her to put down about $6,000, and then finance the remaining $16,000.
But when they calculated her monthly payment, it came out to roughly $775, which works out to an interest rate of nearly 50%! Over the life of the 4-year loan, the bank would recoup its $16,000 in principal, plus earn an additional $37,000 in interest. Unreal.
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