Re: First year of repayment mortgage, WTF!

On Fri, 15 Sep 2006 11:28:46 +0100, "Tim" <me@xxxxxxx> wrote:

"Ronald Raygun" wrote:
...

"Peter Saxton" wrote
I've explained the situation perfectly adequately.

"Tim" wrote:
You've said that some of RR's points are "rubbish",
when they are actually perfectly *valid*, but you certainly
haven't "explained the situation perfectly adequately."

"Peter Saxton" wrote
Explain what is wrong with:

"There is no split. You don't pay some interest and some capital."

"Tim" wrote:
RR's already explained it to you. Of course part of what
you pay back is capital, and part of it is interest. If it's not
"some interest and some capital", then what do *you* think it is?

"Peter Saxton" wrote
What you pay back is simply reducing the debt.

... which is made up from capital & interest ...

"Peter Saxton" wrote
"... You borrow, get charged interest and make
repayments continuously until the debt is cleared."

"Tim" wrote:
That bit's OK.

"Peter Saxton" wrote
I know! Ronald said it was "rubbish".

No, AIUI he said that the bit about "no split" was rubbish.

Ronald quoted me and then said "That's rubbish" - see below:

START OF QUOTE

You don't pay some interest and some capital. You
borrow, get charged interest and make repayments continuously until
the debt is cleared.

That's rubbish. You pay a fixed amount each month, and some of each
payment is interest on what you owed during the last month, and the
rest reduces what you owe.

END OF QUOTE

Any sensible person would take that to mean that Ronald thought the
two sentences were rubbish. You are trying to get me to believe that
his quoting two of my sentences and then saying "That's rubbish" meant
one sentence was rubbish and one sentence was not rubbish.

If I was stating that something was rubbish I would quote what I
thought was rubbish and exclude from the quote what I didn't think was
rubbish.

Your confusion over mortgage payments seems to extend to paragraphs.
Think of one sentence as capital, the other sentence as interest and
the paragraph as the mortgage payment. Ronald didn't distinguish
between the interest and capital - he quoted the mortgage payment!

--
Peter Saxton from London
peter@xxxxxxxxxxxxxxxxx
.

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