Friday, April 9, 2010
Life sentence plus 1700 years
The helpful statement points out that if he makes only the minimum payment each month, and does not make any new purchases, his balance will be down to zero in just 1,757 years. If he lives long enough, at $22.92 per month, he would pay a total of about $346,650 -- about 160 times the current balance!
If, however, he pays $73 per month, he'll be paid off in just three years, and will save $344,022 over the amount that would be paid in 1,757 years.