Monthly payment after 24 months?... Edu. Discount


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I am inches away from buying a PowerBook 15" with the educational discount. I was wondering what the average payment is after the 24 months interest only... They say at the Apple store that it is $25 per month interest only, but they don't tell you what it is after that. I have my father co-signing for me and he has great credit, so I know that I won't have to worry about a large interest rate. Can anyone help me on this one? The PowerBook that I have priced out will be $2500 after my down payment. I really appreciate any help. Thank you in advance!

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This should be pretty simple math:

You have a powerbook for $2500.

Interest rate of 12%.

and a 4 year loan term.

2 years of paying interest the balance is still $2500

Assuming the payments remain consistent until it's paid off you'll owe about $120/month.

It's fairly simple compound interest.

Assuming you can get 10% interest it's pretty doable.My parents are fairly well off by just about any measure and only pulled off 22%. I'm a university student making maybe $20k/year and they offered me 28%. I have yet to meet anyone in Canada who's been able to get the fabled 9.x% rate.

YMMV

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That's another thing. It may just be cheaper for you to get a credit card and pay for it that way. I found it a *lot* cheaper to buy my iMac with a CC than an Apple loan. I'd consider that instead.

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The thing that draws me to it is the 24 months interest only. Has anyone gone this way and found it convenient? It seems like it would be for someone who wants to save up over those 2 years and then just lay it all on the table at the end and have it all paid off. ???

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The thing that draws me to it is the 24 months interest only. Has anyone gone this way and found it convenient? It seems like it would be for someone who wants to save up over those 2 years and then just lay it all on the table at the end and have it all paid off. ???

What dooms that scenario is after paying the interest for 2 years, you have to pay the lump sum of the PB when its 2 years old and for the same money you could buy a new one thats twice as fast. The CC method is the best route. Get a new CC at an intro rate and just get a new cc each time you hit the expiry date on the low rate. Most of them will offer 5% for 6 months to a year on balance transfers.

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