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Posted: 3/24/2001 6:40:17 PM EST
GUNS HELP BANKS BOOST INTEREST, LURE CUSTOMERS
By John Flesher
The Associated Press
March 25, 2001
On the $869 20 year example with 5.5% interest, the present value of that $869 you'll get back in 20 years is $289.29. So it seems like you're paying $869 minus $289 or $580 for the rifle.
On the 3-year deal, the $4009 you get back at maturity seems to be worth $3399 now, so you're paying $4009 - $3399 or $610 for the rifle.
Still seems like a good deal, and you don't have the risk of getting locked in for a longer time at a low rate.
Based on 5.5 % annual interest converted to daily rate in a 365 day year. Taxes not considered.
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