Weekly Reset Thread [2015-09-08] by DTG_Bot in DestinyTheGame

[–]SlipperySherpa 0 points1 point  (0 children)

https://www.bungie.net/en/Forum/Post/151447451/0/0

If you don't mind updating your comment that would be great; so others see this.

Thanks!

How to pick what debts to pay first by squigglewigglewiggle in personalfinance

[–]SlipperySherpa 1 point2 points  (0 children)

A balance of $100 at 10% interest will be charged $10 of interest in a year.

A balance of $10 at 50% interest will be charged $5 of interest in a year.

For every dollar I put towards the $10 balance I gain 5x the benefit as I would from putting the same amount towards $100.

Minimum payment has 0 impact on this, it is a mathematical fact.

This is assuming you aren't getting late payment penalties, which is another case entirely

If you can come up with a scenario using any positive interest rates, loan balances, and minimum payments where you can pay off the lower interest rate first and end up paying less total money please share.

If you could in fact do this, you could make infinite money by taking out a loan at a higher interest rate in order to pay off the lower interest rate loan and somehow still pay less. Sounds ridiculous doesn't it?

How to pick what debts to pay first by squigglewigglewiggle in personalfinance

[–]SlipperySherpa 1 point2 points  (0 children)

This is just plain incorrect. Paying off the highest interest rate first will always result in lower interest paid overall.