I'm not a mathematician, so help me out here.
When I use the bank's money ... for a mortgage, a car loan or a credit card ... I'm ok if the interest is around 6% (I chose that number because the math easy). Paying 6% per annum means I'm paying (6 divided by 12) .5% per month. So, if somehow, I consistently carried a balance of one thousand dollars, I'd pay five bucks a month in interest on that debt. Right?
But if I consistently have a thousand dollars in my savings account, for three freaking months, I get less than a quarter. For one month, a few pennies.
Using someone else's money, for 'them,' costs pennies, for me (us?) it costs bucks.
What???? Is that right? I'm so confused. It HAS to be my math. Help me out here, Am I doing it wrong?
Just a Missouri school teacher ... stubborn as a mule and addicted to logic.