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What is something that is completely legal that should be illegal?
(midwest.social)
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this post was submitted on 04 Apr 2024
137 points (96.6% liked)
Asklemmy
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Compound interest.
Let’s say you need to borrow 5000 € for your first car, but you have only 700 €. First, you’ll need to find a lender who is willing to share the risk with you. Then, you form a joint stock company (Tom’s Volvo C30 2008 incorporated), where you own 7/50 of the car and the other party owns the rest. When you have some more money, you can buy some more stocks. One day, you’ll own the whole car and the lender has all of their money back.
i don't know where you are, but every place I'm aware of uses simple interest for car and home loans, not compound interest. so mission accomplished i guess?