So we were talking about amortization in class today and one of the examples I used was buying a house. So, in Excel(snort) I demonstrated that if you bought a $300,000 house at 8% interest with a 30 year mortgage you would end up paying almost $800,000 over the life of the loan. This led to the following discussion:
Student 1: So why don’t you just save up until you have $300,000, and then buy the house?
Me: You mean when you’re 70 years old and your 3 kids are married with kids, you’re going to buy a house then?
Student 2: Oh, well then why don’t you just wait til your parents die and then move into their house?
Me: You mean when you’re 50 or 60 years old and all your kids are grown, you’ll move into your parents old house?
Student 3: (incredulous) I’m not going to be 50 years old when my parents die!
Me: Well when do you expect them to die?
Student 3: A lot sooner than that!
whoa. You know how to use Excel?!?? I wish I did. But, I guess a guy would probably have to go to Graduate school to learn that…
Hey Matt. how’s it going? Drop me a line, eh?
So, when do you expect us to die ???
By the way, you do know that you will get to fight Josh and Jon for the house.
you’ve been tagged!
check out my blog to see what you’ve got to do.