Bank Interest

[Steven G]

Melinda has 36 months (3 * 12) to save that amount.

So the expected amount is 250/month.

However, this does not take into account the amount of interest she might accrue.

Banks are still giving interests? After all their fees ....

 

[tkhunny]

I recently invoked a short-term loan. I enticed the private loan originator with the loan interest terms, "I will pay you 10 times what your bank is paying." At some point, my self-imposed loan interest went up from 1.0% to 1.5%. Not exactly loan shark territory.

Thanks for the laugh.

 

[Otis]

Banks are still giving interests? …

Barely. And, from what they do pay, they would like to claw back as much as possible.

?