this post was submitted on 16 Jun 2024
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Most of the math I do at work is related to compound interest. Of all the math I believe the general public should understand, the concept of how paying interest to others is a total screw would get my top vote.
I have a co-worker who took out a car loan last week at, wait for it, FIFTY THREE PERCENT INTEREST! No concept of what that was costing her. She could only see, "I can afford the monthly payment."
(1 + r)^n and its friend 1/(1 + r)^n have been the two most important concepts in work and personal life that I've ever learned and applied.
That is usury. That cannot be legal? Oh, no, I just checked, wow, usury laws are weak af.
Usury was indeed the term that immediately came to mind.
53%?!
Sounds like one of those shitty used car joints “no credit, no problem” that you sign your life away for a mediocre car.
Sounds like predatory lending
I would agree, but it's not my life, not my money. You can't really go around telling people they fucked up every time you see it.
True. Plus, while dumb, 53% will always beat the interest extracted by two goons and a baseball bat. There's always a trade-off!