Interest is payment for a taxable service. You would also pay sales tax on a portion of the interest on the loan. (as you would on all your loans - eg. credit cards)
Interest is payment for a taxable service. You would also pay sales tax on a portion of the interest on the loan.
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good point! how much would that add to consumer's costs...
on a $150000 morgage how much interest is there? i guess that depends on rate - say 8%....that total times 1.2987 is what'll have to come out of pocket -
i need to visit an amortization site... i'll be back
http://ray.met.fsu.edu/cgi-bin/amortize
on 150k at 8% 30 yrs there's 83532 in interest. does that mean that the consumer would have to come up with 83532*1.2987= 104843 then minus 83532 = 24951 extra? that's an extra 69 per month.