Simple interest

posted by
January 6, 2011
Freedom's Phoenix
by Brock Lorber  
Posted in Commentary

"[I]f you are due a $4000 refund and the bank charges $20 for loan origination and $15 for the loan, you will be paying between 22.75% and 45.5% annual interest. I'll leave for you to determine if your time preference warrants taking the loan at interest rates exceeding credit cards. But, for advice to parents, I'll defer to the recent wise words of an executive at one of the largest nationwide tax prep firms, 'if you sell this product to my kid, I'll kick your ass.'" (01/05/11)  

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