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Get Out While You Can

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Good site. I am noticing an increased interest in the economy. Interestingly I read that there was an "unhealthy" interest in the economy during the last recession. Apparently the powers that be were upset that people were all of a sudden paying attention and had an opinion on how the economy should be run,

With this in mind does it not seem plausable that this may be yet another indicator of bad times ahead?

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http://www.gowyc.co.uk/?p=43

liked this article - where's that penny jar.

That article is fairly poorly done. The point is a bleeding obvious one (the power of doubling), but its good for people to understand how compound interest is the cornerstone of both big debt and money making.

Unfortunatly he doesn't understand it himself though. He says a £50,000 sum at 5% will be £112,500 after 25 years......um, no it'd be £169,317.75

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Unfortunatly he doesn't understand it himself though. He says a £50,000 sum at 5% will be £112,500 after 25 years......um, no it'd be £169,317.75

Borrow £50,000 at 5% interest per year means you’ll be paying £2,500 interest a year. Multiply that by the number of years - usually 25 for a mortage - and the total interest payable is £62,500. And that’s just the interest you’ll be paying. You also have to repay the original sum borrowed, so that the house you bought for £50,000 actually ends up costing you £112,500!

£50,000 at 5% interest only = £2,500pa, over 25 years = £62,500.

£62,500 plus £50,000 = £112,500.

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Borrow £50,000 at 5% interest per year means you’ll be paying £2,500 interest a year. Multiply that by the number of years - usually 25 for a mortage - and the total interest payable is £62,500. And that’s just the interest you’ll be paying. You also have to repay the original sum borrowed, so that the house you bought for £50,000 actually ends up costing you £112,500!

£50,000 at 5% interest only = £2,500pa, over 25 years = £62,500.

£62,500 plus £50,000 = £112,500.

You're both right, it just depends on whether or not you pay the interest off each year or allow it to be added to the loan and compounded for 25 years.

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You're both right, it just depends on whether or not you pay the interest off each year or allow it to be added to the loan and compounded for 25 years.

With credit cards it can be a bit of both, I think some set their minimum payments as low as 2% so you're paying interest on interest.

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Reminds me a lot of Bruno's old site.

Here's the info on the register:

 

    Domain Name:

        gowyc.co.uk

    Registrant:

        ST Publishing

    Registrant's Address:

        PO Box 26272

        Meikle Earnock

        Lanarkshire

        ML3 9WZ

        GB

    Registrant's Agent:

        Fasthosts Internet Limited [Tag = FASTHOSTS]

        URL: http://www.fasthosts.co.uk

    Relevant Dates:

        Registered on:  13-May-2002

        Renewal Date:  13-May-2006

        Last updated:  12-Jul-2005

Interesting that it was registered over 3 years ago...

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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