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Why does it take 30 years to pay off 150,000 loan , even though you pay 1000 a month

Why does it take 30 years to pay off 150,000 loan , even though you pay 1000 a month
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Why does it take 30 years to pay off 150,000 loan , even though you pay 1000 a month

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User Baumann
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2 Answers

5 votes
This would be due to interest. As the month ends, you pay $1000, but your debt has increased as interest has been added onto your loan, making you go from owing $150000 to owing $150000+x, x being the interest gained at the end of the month.

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User Doqtor
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8.1k points
1 vote
interest rates i believe

answered
User Faraday
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7.9k points
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