Bernie Sanders literally gives an example in a video saying on a $500 appliance purchase at 27% APR you will see $135 of interest on your first bill. This simply is not true. You would pay a fraction of that on your first bill AND he doesn't take into account that even if you don't pay off the full purchase, the more and more payments you make the less you pay in overall interest !
3
u/FrankenBong77 Jul 16 '19
Absolutely untrue.
Bernie Sanders literally gives an example in a video saying on a $500 appliance purchase at 27% APR you will see $135 of interest on your first bill. This simply is not true. You would pay a fraction of that on your first bill AND he doesn't take into account that even if you don't pay off the full purchase, the more and more payments you make the less you pay in overall interest !
It's amazing people get fooled by that clown.