ByteOnBikes@slrpnk.net to Fuck Cars@lemmy.worldEnglish · 20 days agoAs a bike rider, I forget this is a thing. Asked my neighbor, he pays $350/month in insurance alone 🙃slrpnk.netexternal-linkmessage-square236fedilinkarrow-up1655arrow-down143
arrow-up1612arrow-down1external-linkAs a bike rider, I forget this is a thing. Asked my neighbor, he pays $350/month in insurance alone 🙃slrpnk.netByteOnBikes@slrpnk.net to Fuck Cars@lemmy.worldEnglish · 20 days agomessage-square236fedilink
minus-squarematpro@lemm.eelinkfedilinkEnglisharrow-up9arrow-down1·19 days agoYour math is ignoring compound interest. 40 years of monthly installments of 554 earning 8% would ultimately compound to $3.2M
minus-squareArcherwell@feddit.orglinkfedilinkEnglisharrow-up2arrow-down1·19 days agoYour calculation is ignoring inflation adjustment. net interest rate would be %4 at most.
Your math is ignoring compound interest. 40 years of monthly installments of 554 earning 8% would ultimately compound to $3.2M
Your calculation is ignoring inflation adjustment. net interest rate would be %4 at most.