I saw a post saying that two people left school 23 years ago with a combined debt of 70k. They paid 500 USD monthly for 23 years and still owe 60k.
I’m thoroughly confused. obligatory not from America.
In: Mathematics
It’s possible they were paying almost interest only, but that implies a pretty high rate. It’s also possible those details are wrong.
I really can’t give a full explanation based off of numbers that may or may not be real. I think you’d need to know the interest rate, and if there were any periods where they weren’t making payments.
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