Apparently the message of the financial crisis didn’t get across Quick: If you take out a $1000 loan that has a 20% rate, how much will you owe a year in interest? Answer: $200. But if you got that wrong, you’re not alone. Nearly two thirds of Americans can’t calculate interest payments correctly, according to a new study. About a third said they didn’t even know how. One of the silver linings of the financial crisis was that it was supposed to have taught many Americans a lesson, albeit painful, about the dangers of debt, and financial issues in general. Apparently, the message, though, didn’t get across.
Read more:
http://time.com/4403643/american-financial-literacy-test-fail/?source=Snapzu
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