Written by attorney Kristina Elizabeth Feher

My fridge costs how much? Understanding Interest

Our easy chart demonstrates the difference between paying a purchase off in full, paying only the minimum payment, and how much impact you can have by paying more than the minimum payment. Our example uses purchasing a new refrigerator at $2,500 at 60 months at 19% interest.

Additional resources provided by the author

Understanding interest rates is not something we are taught in school anymore. As adults use credit cards to pay for purchases, many do not understand how much of an impact an interest rate can have on your purchase.

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