And that is why people need an emergency fund. Marta could not know when her A/C would fail (even tho those things usually happen during the hottest times of the year), but she could reasonably expect that it would fail at some point in the future. The thing to do is to put the fifteen dollars away each month, and instead of paying interest to the cc company, she would have benefitted from the interest her money would earn as long as her A/C was still working.
jeff ghant it took Martha more than 2 years to pay it off. 23% is the annual percentage rate so it means 23% would've been all she paid if she had paid it in a year.
And that is why people need an emergency fund. Marta could not know when her A/C would fail (even tho those things usually happen during the hottest times of the year), but she could reasonably expect that it would fail at some point in the future.
The thing to do is to put the fifteen dollars away each month, and instead of paying interest to the cc company, she would have benefitted from the interest her money would earn as long as her A/C was still working.
Thanks your so much for your help with like minded people All systems and you will be fine for you so much and you
I'm confused. 23% of $300 is $69, not $82. Where's the extra $13 coming from?
jeff ghant it took Martha more than 2 years to pay it off. 23% is the annual percentage rate so it means 23% would've been all she paid if she had paid it in a year.
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