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914World.com _ 914World Garage _ 1977 Interest Rates... 914 Sales and Resales

Posted by: Brian Mifsud Oct 16 2006, 07:55 AM

While sifting through the folder of receipts and records for my '76, I found the sales contract where my car was sold Used in 1977 (after apparent short "new" ownership)

Sale price was $7500 financed at 13%!!!

According to the U.S. Department of Labor, my cars "purchase price" was equivalent to $25235.00

at a 5 year rate, here's what the previous owner would have paid:

Cumulative Payments: $34,450.52
Total Interest Paid: $9,215.52
http://www.finaid.org/calculators/loanpayments.phtml

Enjoy the Calculator and see what your car was "worth"....

http://data.bls.gov/cgi-bin/cpicalc.pl

Posted by: DNHunt Oct 16 2006, 08:06 AM

My first commercial loan on my practice was 18 1/2 %. The first payment to principle was $3.

Dave

Posted by: rhodyguy Oct 16 2006, 08:32 AM

i knew guys who had that same 18.5 on their mortages back in the late 70s.

k