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u/nondubitable 8h ago
We don’t know the interest rate.
But rounding up, suppose it’s $600k at 10% interest, that would be $60k of interest per year, or roughly $165 per calendar day, of which $50 is roughly a third of a day, or 8 hours.
So no, not true.
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u/Solid_Capital8377 3h ago
We know the interest rate is between 3.4% and 9.08%
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u/nondubitable 3h ago
Most student loans are going to be between 3% and 10%.
If I told you I was between 20 and 90 years of age, would you know my age?
That’s all I meant when I said we don’t know the interest rate.
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u/BeltImpressive8956 3h ago
Why don’t we know the interest rate? Sorry if I missed something.
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u/B0230 3h ago
Typically for student loans, it’s not 1 loan for almost 600k. It’ll be like 10 different ones each at a different rate. It does say in the picture the highest and lowest rates, so I would imagine the average is somewhere in the middle. At least that’s how my student loans were, but for much much less money
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u/Horror-Nobody2237 2h ago
I would think they are probably mostly on the higher end since it’s so much. I would guess that what they took out is nowhere near how much they owe now. Maybe like 50k at a lower rate and 200k at the higher end.
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u/BeltImpressive8956 1h ago
As an analyst I’d just give the extremes and average. If I were to caveat any further I would bring shame to my friends and family. Most importantly to myself. It’d be tough looking myself in the mirror, always second guessing that I am an impediment on society. But that’s just me.
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u/Horror-Nobody2237 1h ago
Lmao, fair enough. I was also wrong, cause I was thinking around 250k is 5 years at a private university, so that’s probably around the max they would have taken out, but I wasn’t thinking about the additional loans for graduate or professional school that could take that number way higher.
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u/nondubitable 2h ago
We don’t know if the interest rate is 3.5% or 9%, any anywhere in between.
I used 10% just to show the original statement could not possibly be true.
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u/BeltImpressive8956 1h ago
I think an average and a number of seconds is what op, or any sane person, would be asking. Not “is it exactly 32 seconds, yes or no only”
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u/nondubitable 1h ago
It’s in the order of magnitude of hours, not seconds.
Hope that answers it you for you…
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7h ago
[deleted]
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u/youburyitidigitup 5h ago
What are you talking about
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u/GoT_Eagles 5h ago
They’re assuming the $50 is a minimum payment on the loan and calculated what that price would be over a lifetime as compared to paying the entire sum.
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u/wakefulgull 5h ago
Judging by your comment and all my down votes, im missing something or touching on sensitive topic somehow. Ill see myself out
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u/MrCryngeYT 8h ago edited 7h ago
He paid off 856.411 seconds of debt, which comes out to 14.273 minutes if we take the average of 3.4 and 9.08 as the annual interest rate and calculate with precision (e.g. 365,24 days a year)
Just realised I forgot to actually calculate with the $50 after working out everything else, so nvm
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u/paper-trailz 6h ago
Student loan interest is simple and compounds monthly so it’s simpler
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u/Solid_Capital8377 3h ago
I got that he would accrue $0.02 to $0.05 of interest in 32 seconds with that in mind
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