busn 491 week 5 response 1
January 11, 2021
Discussion 3A
January 11, 2021

Avoiding having to pay interest

IN 100 words or more reply to the statement below about avoiding having to pay interest

  • When I bought new furniture about ten years ago I still did not have an exact understanding about how interest rates worked as well as paying 0% interest up until a certain point. I knew that taking out financing and not having to pay interest was great but I did not understand that if I did not pay off my purchase by the date given that all of the interest that had accrued in the background would then be charged to me. Thankfully it wasn’t a big expensive lesson but it made me feel dumb. I do not think that a lot of people truly realize the whole picture. I saw 0% interest and I knew that it was good but I did not think about the bigger picture that it was up until that certain date that I did not have to pay interest by.

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